Rare large Lincoln Park apartment building attracts 40 property tours, 10 offers

 Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $8.18 million sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood. The property, 2718 N. Hampden Court, traded for $160,392 per unit.

Interra Managing Partner Craig Martin represented the seller, the Manilow family, second-generation owners who are planning to condense their real estate portfolio. Interra led a national marketing campaign that resulted in 40 property tours and 10 offers. The winning bidders, investors Gabe Horstick and Edwin Vdovets, who were also represented by Martin, will gut-renovate the building and add condo-quality finishes in the units.

“Investor appetite for Lincoln Park properties remains strong, which is apparent by the multiple walk-throughs and offers we received,” said Martin. “What we’ve seen from this portfolio is that well-located assets will continue to be in demand, despite the challenges of rising interest rates.”

2718 N. Hampden Court comprises all one-bedroom units. The property is located off Clark Street, with a variety of nearby restaurants, shops and grocery stores, and is less than a 1-mile walk from the Lincoln Park Conservatory. The property is also served by several CTA bus routes, including those connecting to the Brown and Purple lines.

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.