October 23, 2019
Interra Realty brokered the sale of 1540 Fullerton, a four-story, 25-unit rental community at 1540 W. Fullerton Ave. in Chicago’s west Lincoln Park neighborhood. The asset sold for $10.635 million, or $425,400 per unit, reportedly the neighborhood’s largest multifamily sale year to date.
Interra Senior Managing Partner Joe Smazal represented the private seller in the transaction, while director Jeremy Morton and managing partner Ted Stratman advised the undisclosed buyer. The building’s residential units and a 965-square-foot commercial space were fully occupied at closing.
“This stabilized, newly-constructed rental community is exactly the kind of property today’s middle-market multifamily investor is seeking,” said Smazal. “There’s an enormous demand for high-quality buildings in core Chicago locations like Lincoln Park. We brought the asset to our network of investors and quickly procured multiple written offers.”
Completed in 2015, 1540 Fullerton offers 12 two-bedroom and 12 three-bedroom apartments, each with two baths.
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