Interra Realty Brokers $14.8 Million Sale of 36-Unit Mixed-Use Building in Chicago’s Lakeview NeighborhoodOctober 8, 2021
Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $14.8 million sale of 2827-47 N. Clybourn Ave., a 36-unit building in Chicago’s Lakeview neighborhood that includes six commercial spaces on the ground floor and 30 luxury apartments. The price per unit was $411,111, making this the largest non-deconversion multifamily sale in Lakeview in the past year, per CoStar Group.
Interra Senior Managing Partner Brad Feldman represented the buyer, a local private investor, who plans to rent out the vacant retail space and increase rents. The seller was Alex Ivankevych, owner of Northfield, Ill.-based Dream Develops, which built the property in 2020.
“Lakeview is perennially popular because of its diverse housing stock, abundant retail and restaurant offerings, and other amenities including those along the North Branch of the Chicago River,” said Feldman. “In addition to a great location, 2827-47 N. Clybourn offers the modern floor plans and finishes today’s renters want, as reflected by the property’s strong performance since opening.”
2827-47 N. Clybourn includes 30 two-bedroom apartments, which were fully occupied at the time of the sale. Units include hardwood floors, floor-to-ceiling soundproof windows and open-concept kitchens with custom cabinets, tile backsplashes, quartz countertops and stainless steel appliances. All apartments have private walkout balconies and access to rooftop spaces. The property also includes 34 garage parking spaces and 12 additional outdoor spaces.
Of the six commercial spaces, two are currently rented as offices, two are occupied by resident gyms and two are vacant. The vacant spaces feature 25-foot ceilings and have a mezzanine level in the rear.
2827-47 N. Clybourn is about 5 miles from downtown Chicago, accessible via the nearby Kennedy Expressway or the CTA’s Brown and Blue lines. Residents are also close to major national retailers, including Target, Costco Wholesale and Aldi, and can walk to local shops and restaurants like Hexe Coffee Co. and Le Moon Coffee, as well as Hamlin and Wang (Chi Che) parks and the Jimmy Thomas Nature Trail along the river.
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.