Interra Realty, a commercial real estate investment services firm based in Chicago, announced today that it successfully brokered the sale of The Bel. This mixed-use building is located at 937-41 W. Belmont Ave and features 37 apartments and two ground-floor commercial spaces. The property was sold for $12.125 million, with each unit equating to an average of $310,897.
The deal was facilitated by Interra’s Senior Managing Partner Joe Smazal and Director Mark Dykstra on behalf of the local private buyer. Additionally, Smazal, Dykstra and Managing Partner Lucas Fryman represented the confidential seller – a local private developer.
According to Smazal: “There has been limited new supply in high-demand neighborhoods like Lakeview in Chicago which is why this building garnered such significant interest from buyers.”
Built just two years ago in 2019 as a transit-oriented development (TOD), The Bel offers eight studios units along with twenty-seven one-bedroom units and two larger layouts featuring two bedrooms each. In addition to its residential component,the building also boasts approximately 4,000 square feet dedicated for retail use – currently leased out to Pedestrian Coffee & Devil Dawgs.
This transaction marks another successful deal closed by Interra Realty as it continues its mission towards providing top-notch real estate investment services across various asset classes within Chicagoland area.
