Interra Realty Brokers $17M Sale of Lincoln Park Apartment Building
Interra Realty facilitated the sale of 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The 49-unit vintage apartment building traded for $17.37 million, equivalent to more than $354,000 per unit.
Interra Director Colin O’Malley represented the confidential seller of the property, as well as the buyer, Horizon Realty Group. The building was 98% occupied at the time of sale.
Built in 1915, the courtyard building features seven studio, seven one-bedroom, 31 two-bedroom and three three-bedroom units, along with a single four-bedroom apartment. Horizon Realty Group plans to make additional improvements to both units and common areas.
“Lincoln Park’s long-term rental growth has reinforced its appeal among multifamily buyers,” said O’Malley. “The opportunity to acquire a building that hasn’t traded in over 30 years made this offering especially compelling.” Surrounded by Lincoln Park’s numerous dining, shopping and entertainment options, 506 W. Deming is within walking distance of the Lincoln Park Zoo and Diversey Harbor.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout