Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $4.625 million sale of a 10-unit apartment building located at 1220 N. Bosworth Avenue in Chicago’s Wicker Park neighborhood. The $462,500 per-unit price is one of the highest ever in the submarket, per CoStar data.
Interra Senior Managing Partner Brad Feldman represented the seller, a real estate operator for whom he brokered the original acquisition in 2021. Feldman also sourced and represented the buyer, a Chicago-based investment group that assumed the existing loan as part of the deal. The building was constructed in 2020 and fully occupied at the time of sale.
“While the property already commands strong rents, the attractive location, unit mix and access to transit will allow the new owners to further push rents and increase value over time,” said Feldman. “The inclusion of the loan assumption helped sweeten the deal, given the current interest rate market, and our marketing campaign led to a dozen tours and multiple offers in a short period.”
1220 N. Bosworth Avenue is a boutique property and includes four one-bedroom units, four two-bedroom units and two four-bedroom duplex units, all of which feature in-unit laundry and balconies. Kitchens feature Archisesto cabinets, quartz countertops and stainless steel appliances while bathrooms are finished with marble flooring, subway tiles, glass-enclosed showers and deep soaking tubs. Community amenities include bike storage, a fitness center and rooftop deck. Five parking spaces provide additional income.
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.