July 23, 2020
Interra Realty brokered the $9.58-million sale of 943 N. Crosby St., a 27-unit rental community in River North. The price per unit, including a street-level commercial space, was $342,419.
The firm’s Joe Smazal represented the buyer, Recon Properties LLC, owned by Michael Arrington, who was seeking a replacement property as part of a 1031 exchange. Smazal identified this off-market asset based on his existing relationship with seller Bryan Schroeder, owner of Metro Park LLC, which he also represented.
Built in 2018, the property is the first middle-market multifamily asset to trade hands in River North in nearly three years, according to CoStar Group data. Rent collections have remained strong even amid COVID-19, said Smazal.
“There are a limited number of newly constructed, boutique-sized apartment buildings in this part of the city, which makes them especially appealing to investors when they become available,” Smazal said.
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