Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it facilitated the sale of two vintage apartment buildings in Chicago’s Lincoln Park neighborhood for more than $13 million combined. The properties included 611-13 W. Arlington Place, a 23-unit property that sold for $7.325 million, and 567-69 W. Arlington Place, a 14-unit building that sold for $5.7 million.
Interra Director Colin O’Malley represented the confidential seller of both properties. Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented Hayes Properties, the buyer of 611-13 W. Arlington. The confidential buyer of 567-69 W. Arlington was self-represented.
“This year has seen heightened investor interest for multifamily assets in strong and resilient submarkets like Lincoln Park,” said O’Malley. “These two properties underscore this trend, generating over 30 tours each, selling near to or above list price and closing quickly after hitting the market.”
Built in 1927, 611-13 W. Arlington features three studio, 13 one-bedroom and seven two-bedroom units. 567-69 W. Arlington, constructed in 1907, features 10 two-bedroom, three three-bedroom and one four-bedroom units. Many of the apartments in both buildings have been renovated in recent years and both properties were fully occupied at the time of sale.
These deals mark the latest in a series of transactions, totaling over $73 million, executed by Interra Realty on Chicago’s North Side over the past six months. These include the $10.7 million sale of 811 W. Lill Ave., the $10.8 million sale of a West Ridge portfolio, the $9.625 million sale of 6930 N. Greenview Ave., the $3.45 million sale of 6405 N. Wayne Ave., the $5.88 million sale of 6642-6652 N. Clark St., the $3.75 million sale of 4901 N. Christiana Ave. and the $16.1 million sale of a Rogers Park portfolio.
Surrounded by Lincoln Park’s numerous dining, shopping and entertainment options, 611-13 W. Arlington and 567-69 W. Arlington are within walking distance of DePaul University, the Lincoln Park Zoo and Diversey Harbor. The properties are served by multiple bus routes and the CTA’s Red, Brown and Purple lines via the Fullerton 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.
611-13 W. Arlington Place: Interra Realty brokered the $7.325 million sale of 611-13 W. Arlington Place, a 23-unit property in Chicago’s Lincoln Park neighborhood.
567-69 W. Arlington Place: Interra Realty brokered the $5.7 million sale of 567-69 W. Arlington Place, a 14-unit building in Chicago’s Lincoln Park neighborhood.