Largest Multifamily Sale in Lincoln Park Closes

CHICAGO—The four-story, 25-unit rental property at 1540 W. Fullerton has changed hands in what Interra Realty states is the largest multifamily sale in the Lincoln Park neighborhood here so far this year.

Interra Realty, which brokered the transaction, reports the 150 Fullerton property sold for approximately $10.6 million, which registered at $425,400 per unit. The sale price was the largest in terms of both price and unit count in Lincoln Park so far in 2019, according to CoStar data.

Completed in 2015, 1540 Fullerton offers 12 two-bedroom and 12 three-bedroom apartments, each with two baths. Residences feature floor-to-ceiling windows, hardwood flooring, gourmet kitchens with Euro-style cabinetry and stainless-steel appliances, in-unit laundry and private balconies in select units. Other on-site amenities include an elevator and heated garage parking.

Interra senior managing partner Joe Smazal represented the private seller in the transaction, while director Jeremy Morton and managing partner Ted Stratman represented the undisclosed buyer. The building’s residential units and a 965-square-foot commercial space were fully occupied at the time of closing.

“This stabilized, newly constructed rental community is exactly the kind of property today’s middle-market multifamily investor is seeking,” Interra Realty’s Smazal says. “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.”

Morton adds that the property’s proximity to DePaul University and public transportation, along with its high quality of construction, made it a turnkey investment for the buyer.