CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $3.4 million sale of 2642-50 N. Marshfield Ave., a four-building, 14-unit rental portfolio comprising two apartment buildings, a single-family home with coach house and a vacant lot in Chicago’s Lincoln Park neighborhood.
Interra Senior Managing Partner Joe Smazal represented the buyer and seller, both local private investors. This is the second major deal Smazal has brokered in Lincoln Park in the last six months, following the $9.6 million sale of a 28-unit multifamily property at 1900 N. Lincoln Ave. in December.
“This was a rare opportunity to acquire four adjacent properties on one block, all of which have been well-maintained and professionally managed and present upside in rent levels,” said Smazal. “As one of the city’s most affluent and sought-after communities, Lincoln Park has historically strong rental demand and low sales velocity, and true to form, these properties were on the market for less than three weeks and closed in under 60 days from contract execution.”
Each of the multifamily properties, located at 2642-46 N. Marshfield, houses six apartments in a mix of one- and two-bedroom layouts, while the single-family dwelling and separate rear coach house, located at 2650 N. Marshfield, have two bedrooms each. The vacant lot is located between the two multifamily buildings.
The properties were recently renovated with updated kitchen cabinets, appliances and bathroom vanities as well as refreshed common areas. Most apartments feature in-unit laundry, in addition to shared on-site washers and dryers. The portfolio also features seven surface parking spaces, green space and a community seating area in the vacant lot.
2642-50 N. Marshfield offers proximity to numerous dining, entertainment and shopping options. In addition, the properties are served by multiple CTA bus routes that connect to nearby L lines.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com