Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $16.9 million sale of a two-building multifamily portfolio in Chicago’s Uptown neighborhood. The Mondrian, located at 4714 N. Sheridan Road, and 843 W. Agatite Ave. together comprise a total of 50 apartments. The average price per unit was $338,000.

Interra co-founders and Managing Principals Jon Morgan and David Goss along with Senior Managing Partner Joe Smazal represented the seller, Chicago-based Mavrek Development, which developed the properties in 2021 (The Mondrian) and 2019 (843 W. Agatite). Interra Director Colin O’Malley represented the private buyer.

“While Uptown historically hasn’t been known for luxury apartments, that’s started to change in recent years as renters look farther north in the city and seek new-construction communities in neighborhoods where vintage buildings are more typical,” said Smazal. “This portfolio of best-in-class multifamily product illustrates that trend through its strong performance both in terms of occupancy and price at disposition. In fact, this deal is the highest price per unit in Uptown in the last 10 years and presumably ever.”

The Mondrian includes a mix of studio, one- and two-bedroom apartments with open-concept layouts, stainless steel appliances, quartz countertops, in-unit laundry and private outdoor space in select plans. The building also offers private garage parking.

843 W. Agatite features one-and two-bedroom apartments with open-concept plans, light hardwood floors, stainless steel appliances, glassed-in showers, in-unit laundry and outdoor space for some units. There is private garage parking as well as surface parking with radiant heat, eliminating the need for snowplowing.

Combined, the two buildings were 96% occupied at the time of sale.

Both properties are centrally located in the Uptown neighborhood and less than a half-mile from the CTA’s Wilson Red/Purple Line station. Nearby transportation arteries including Lake Shore Drive, Irving Park Road and Foster Avenue provide access to other neighborhoods and local expressways. The area is also walkable to recreational amenities including Montrose Beach, Montrose Harbor and the Lakefront Trail.

“Our marketing campaign offered buyers the option of purchasing these well-located properties individually or as a portfolio,” said Smazal. “Ultimately, the seller chose a portfolio buyer, who valued the larger presence in the neighborhood, making this the largest multifamily transaction in Uptown in over two years.”

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 $1 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.