Interra Realty, a Chicago-based commercial real estate investment services firm, announced it has brokered the $17.1 million sale of 828 Lofts, a mixed-use development with 44 apartments and one street-level retail space located at 828 Noyes St. The price per unit was $386,636.
Interra Director Colin O’Malley represented the private buyer. The seller, Evanston-based GDS Development, which developed the property in 2018, was represented by Interra Director Paul Waterloo and Managing Partner Patrick Kennelly.
“Renter demand for recently built apartment communities remains high in Chicago’s popular inner-ring suburbs, which in turn is driving strong investor interest in areas like Evanston,” Waterloo said. “In fact, this is the third sale of a newer construction property completed this year in Evanston, and Interra’s 13th apartment building sale in Evanston since 2018. Having the anchor of Northwestern University students as a tenant base makes this market, and assets in proximity to the campus, especially attractive to investors.”
828 Lofts includes 11 studio, 12 one-bedroom, 12 two-bedroom and nine three-bedroom apartments, all of which were leased at the time of sale. The property’s 3,200-square-foot retail space is currently occupied by local restaurant Stacked & Folded.
“With its A-plus location in a vibrant, walkable neighborhood near the university and public transit, 828 Lofts drew interest from both local and national buyers,” Waterloo said. “After just a 60-day marketing campaign, we had six competitive offers, allowing us to close this deal quickly and successfully for both the seller and buyer.”