Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 920 W. Oakdale Ave., a 31-unit apartment building in Chicago’s Lakeview neighborhood.
Interra Senior Managing Partner Joe Smazal and Director Mark Dykstra represented the buyer, Highland Real Estate Partners. Smazal and Dykstra also represented the seller, a local private investment firm. The building was fully occupied at the time of sale.
“Both local and — as was the case in this deal — out-of-state buyers are actively targeting Chicago apartment buildings due to their strong and predictable rental performance,” said Smazal. “This trend is particularly prevalent in high-demand neighborhoods like Lakeview where a dearth of new supply is intensifying competition for quality multifamily assets.”
Constructed in 1920 and updated in 2018, the courtyard building features six one-bedroom, 13 two-bedroom, seven three-bedroom and five four-bedroom apartments. Recent renovations include all new systems and extensive envelope improvements. All units feature individual HVAC, in-unit laundry and modern finishes. Residents also have access to an on-site fitness center.
The sale of 920 W. Oakdale marks the fifth deal Smazal and Dykstra have completed in Lakeview and Lincoln Park this year, for a total sales volume of $75.9 million. Other transactions include the 95-unit Low-Line Commons at 3431-49 N. Ashland Ave., the 23-unit 611-13 W. Arlington Place, the 22-unit 811 W. Lill Ave. and the six-unit 1201 W. Belden Ave.
920 W. Oakdale is located close to dining, shopping and entertainment options along Belmont Avenue and Clark Street. The property is served by the CTA’s Wellington Brown/Purple Line station and multiple bus routes.
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.
920 W. Oakdale Ave.: Interra Realty brokered the sale of 920 W. Oakdale Ave., a 31-unit apartment building in Chicago’s Lakeview neighborhood.