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Interra Realty Facilitates $17.37M Sale of Lincoln Park Apartment Building
Interra Realty has brokered the sale of a 49-unit vintage apartment building located at 506 W. Deming Place in Chicago’s Lincoln Park neighborhood. The property sold for $17.37 million, which translates to over $354,000 per unit.
Colin O’Malley, a director at Interra Realty, represented both the confidential seller and the buyer, Horizon Realty Group. At the time of the transaction, the building was 98% occupied.
Originally constructed in 1915, the classic courtyard-style building includes a mix of unit sizes, comprising seven studio units, seven one-bedrooms, 31 two-bedrooms, three three-bedrooms, and one four-bedroom unit. Horizon Realty Group plans to implement upgrades to both individual units and shared common areas.
“Lincoln Park’s long-term rental growth has reinforced its appeal among multifamily buyers,” said O’Malley. “The opportunity to acquire a building that hasn’t traded in over 30 years made this offering especially compelling.”
The property benefits from its prime location, within walking distance of the Lincoln Park Zoo, Diversey Harbor, and numerous dining, shopping, and entertainment options that define the vibrant Lincoln Park area.
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