Interra Realty Closes Two Chicago North Shore Multifamily Offers | Jobi Cool


Interra's Paul Waterloo and Craig Martin with 612 Sheridan Road and 546 Green Bay Road (Interra Realty, Google Maps, Zillow)

Interra’s Paul Waterloo and Craig Martin with 612 Sheridan Road and 546 Green Bay Road (Interra Realty, Google Maps, Zillow)

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

The company secured an investor to purchase a 43-unit condominium near Northwestern University for $10.3 million. It also represented the sellers of a 37-unit condominium 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 sale price of 95 percent of the property breaks down to about $240,000 per unit.

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

“The unusual location and solid bones of the building are the main reasons why the property fetched such a high price per unit,” Feldman told the Business Journal. “As a result, the unit price of these transactions continues to rise.”

Further north, in Homewood, Interra managing director Craig Martin represented seller Sy Oko in the sale of a newly constructed 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 acquires and manages mid-rise apartment buildings and townhouses.

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



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