Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $11.29 million sale of 246 Green Bay Road, a new mixed-use development with 31 luxury apartments and two retail spaces in Highwood, Ill., 30 miles north of Chicago. The price per unit was $342,424.
Interra Managing Partner Craig Martin represented both the buyer, HP Ventures Group, and seller, Benchmark Developers. Based in Chicago, HP develops and purchases newer apartment and townhouse projects, targeting renters who want high-quality units while enjoying the flexibility and relative affordability of renting. Rolling Meadows, Ill.-based Benchmark Developers built 246 Green Bay in 2021.
“Highwood’s downtown has lots of dining and retail options but previously had no luxury apartment options,” said Martin. “246 Green Bay fills that need, offering large floor plans and upscale finishes in proximity to shops, restaurants and entertainment venues in Highwood and throughout the North Shore. The nearby Metra station also provides easy access to downtown Chicago.”
246 Green Bay includes 20 one-bedroom units, 10 two-bedrooms and one three-bedroom. The apartments, which are 97% occupied, feature hardwood floors; modern kitchens with white cabinets, quartz countertops and stainless steel appliances; and in-unit laundry. The building also offers its residents covered and exterior parking, a fitness center, community room and lounge, sun deck with grilling stations, bike storage, and secured building entry.
The property’s retail spaces are fully occupied by Noon-O-Kabab and PVR Dental.
246 Green Bay Road is less than two blocks from the Highwood Metra station and also close to thoroughfares including Skokie Highway, Half Day Road, and Interstates 94 and 294. Lake Forest College, Lake Forest Hospital and other major north suburban employers such as Baxter and Allstate are also nearby.
“HP Ventures has grown its unit count and portfolio value by 60% so far in 2021, and we continue to see excellent investment opportunities in Chicagoland,” said Steve Cook, HP’s managing partner. “This property, located along the Metra tracks in the suburb of Highwood, is a great example of our niche strategy to serve renters who increasingly prefer to lease condo-quality units in accessible locations near transit and other community amenities. Developers see HP as a reliable, reputable buyer of their stabilized properties.”
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.
About HP Ventures Group-Development Services LLC:
Founded in 2009, HP develops and purchases mid-rise apartment buildings and townhouse projects, and then manages them to maximize the property’s cash flows. HP serves tenants who prefer newer, larger, high-quality units while maintaining the flexibility and lower costs of renting compared to owning. These characteristics are aligned with demographic trends as the millennial generation, the largest demographic group in the U.S., transitions from household formation to family formation.
Interra Realty brokered the $11.29 million sale of 246 Green Bay Road, a new 33-unit mixed-use property in Highwood, Ill., a suburb of Chicago.