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Chicago & Midwest  + North Side  + Apartments  | 

Uptown Multifamily Trades in 1031 Deal

Interra Realty has brokered the $5.75-million sale of 5022-30 N. Winthrop Ave., a three-story, 32-unit courtyard apartment building in Chicago’s Uptown neighborhood. The sale price averages $179,688 per unit.

Brad Feldman and Adam Saxon represented buyer 5022 North Winthrop LLC, which bought the vintage building as part of a 1031 exchange. Inetrra’s Joe Smazal represented sellers 1425 West Chase Associates LLC, and 3030 Princeton Associates LLC.

“While 1031 exchanges can be tricky, we guided the process by quickly identifying this stable, income-generating building as the ideal replacement property for the buyer,” said Feldman. “The seller received a solid price for a vintage building in an up-and-coming market.”

The property was built in 1916 and features all two-bedroom, one-bath units. “Uptown has experienced both new development and redevelopment of existing buildings, appealing to investors and renters alike because of its convenient location near public transportation, restaurants and retail,” said Smazal.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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