CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of The Synagogue, a 40-unit multifamily property at 5029 N. Kenmore Ave. in the city’s Uptown neighborhood for $8.175 million, or $204,375 per unit. Constructed in 1922, the building is an adaptive reuse of a former temple that was reopened as rental apartments in 2019.
Interra co-founder and Managing Principal Jon Morgan and Director Michael Duckler represented the seller, Chicago-based Cedar Street, and the buyer, a local private investor.
“The synagogue property has been a staple of the neighborhood for over a century, and the beautifully converted building offers residents not only luxury living but a unique slice of Chicago history,” said Morgan. “Leveraging our extensive knowledge of Chicago’s North Side, we were able to help investors understand the property’s intrinsic value.”
Previously home of Agudas Achim North Shore Congregation, the synagogue closed in 2008 and was put on the market by its board in 2012 after the facilities had fallen into disrepair. It was included on Preservation Chicago’s annual “Chicago 7 Most Endangered” list in 2015. Cedar Street purchased the property—originally designed by architecture firm Dubin & Eisenberg and completed in 1922—in 2016 and subsequently converted it into apartments, retaining the temple's historic exterior as well as several original interior features. It reopened in 2019.
“The buyer was attracted to the in-place cap rate along with its prime location close to Lake Michigan, which positions the asset well for long-term growth,” Duckler added.
The renovated community includes eight studio and 32 one-bedroom apartments, which were almost fully occupied at the time of sale. Residences feature in-unit laundry, concrete flooring, custom kitchen cabinetry, quartz countertops, subway tile backsplashes and stainless steel appliances. On-site amenities include a spacious lobby with lounge seating, bike storage, Wi-Fi in common areas and gated parking.
The Synagogue is about a half-mile from Foster Beach and close to numerous storefronts and restaurants, including those in the Asia on Argyle district. It is also just three blocks from the CTA’s Argyle Red Line station.
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