CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $11.2 million sale of a multifamily property at 452 W. Oakdale Ave. in Chicago’s Lakeview East neighborhood. The 48-unit building traded in an off-market deal for $233,646 per unit.
Interra Senior Managing Partner Joe Smazal represented the buyer, Beal Properties, a Chicago-based private investment firm owned by Bill Silverstein. Smazal also represented the seller, a local investment group led by Cagan Management. Last October, Smazal and Interra Managing Partner Craig Martin represented Beal Properties in the $17.5 million acquisition of 528 W. Oakdale Ave., a 60-unit apartment building less than one block away.
“With very little supply coming online on the city’s North Side, the investment outlook is strong for well-located midsize apartment properties,” said Smazal. “We were happy to help Beal expand and fortify its Lakeview portfolio with this new deal.”
Constructed in 1971, the property includes 16 studios and 32 one-bedroom units. All apartments were occupied at the time of sale.
452 W. Oakdale is surrounded by Lakeview East’s numerous dining, shopping and entertainment options and is within walking distance of the Lincoln Park Zoo, Diversey Harbor and North Avenue Beach. The property is served by the CTA’s Wellington Brown Line station and multiple bus routes.
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