Interra doubles up on multifamily deals on the North Shore

Interra Realty has been busy this week on Chicago’s North Shore.

The firm brought in an investor to buy a 43-unit residential building near Northwestern University for $10.3 million. It also represented the sellers of a 37-unit multifamily property in Highwood for $11 million.

Patrick Kennelly and Paul Waterloo represented Easton LLC in the sale of the courtyard building at 612 Sheridan Road in Evanston. The 95-percent occupied property’s sale price breaks down to about $240,000 per unit.

The unnamed buyers plan to renovate and modernize the units in order to raise rents. Brad Feldman, who represented the buyers, said demand for apartments in the area has been on the rise recently, which helped close the deal.

“The exceptional location and the building’s solid bones are the main reasons why the asset commanded such a high price per unit,” Feldman told the Business Journal. “As a result, the price-per-unit on these transactions continues to go up.”

Further north, in Homewood, Interra Managing Partner Craig Martin represented seller Sy Oko in the sale of a newly built property at 546 Green Bay Road. That sale breaks down to about $297,000 per unit. Martin also represented the buyer, HP Ventures Group-Development Services, a company that buys and manages mid-rise apartment buildings and townhomes.

“As more people seek modern and comfortable living options outside the city core, we’ve continued to see a growing demand for high-quality boutique rentals in the suburbs,” Martin said in a release. “And because we know the demand for these specific buildings has been strong, in spite of elevated interest rates, we were able to work with the buyer to add to its portfolio.”

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Multifamily developers prefer suburbs over Chicago city center

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