January 14, 2020
Interra Realty brokered the sale of 7070 N. Sheridan Rd., a 24-unit rental community in the North Side’s Rogers Park neighborhood. It sold for $3.5 million, or $145,833 per unit.
The firm’s Joe Smazal represented both the private seller, who had owned the property for 30-plus years, and Chicago-based Becovic Management Group, a frequent buyer locally. The building was fully occupied at closing.
“Demand is high for mid-market multifamily buildings in North Side neighborhoods,” said Smazal. “7070 N. Sheridan is similar to other properties recently acquired by the buyer. We marketed the building to our large pool of investors, including Becovic, a long-term holder of apartment properties with an established presence in Rogers Park, and received multiple written offers in a short timeframe.”
Built in 1960, 7070 N. Sheridan offers 21 two-bedroom, 1½-bath apartments and three one-bedroom, one-bath units. Residences feature hardwood floors and floor plans that include dining areas.
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