Jewish American Heritage Month

Posted By admin on July 19, 2024

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the sale of The Synagogue, a 40-unit multifamily property at 5029 N. Kenmore Avenue in the citys Uptown neighborhood for $8.175 million, or $204,375 per unit. Constructed in 1922, the building is an adaptive reuse of a former temple that was reopened as rental apartments in 2019.

Interra co-founder and Managing Principal Jon Morgan and Director Michael Duckler represented the seller, Chicago-based Cedar Street, and the buyer, a local private investor.

The synagogue property has been a staple of the neighborhood for over a century, and the beautifully converted building offers residents not only luxury living but a unique slice of Chicago history, said Morgan. Leveraging our extensive knowledge of Chicagos North Side, we were able to help investors understand the propertys intrinsic value.

Previously home of Agudas Achim North Shore Congregation, The Synagogue closed in 2008 and was put on the market by its board in 2012 after the facilities had fallen into disrepair. It was included on Preservation Chicagos annual Chicago 7 Most Endangered list in 2015. Cedar Street purchased the propertyoriginally designed by architecture firm Dubin & Eisenberg and completed in 1922in 2016 and subsequently converted it into apartments, retaining the temples historic exterior as well as several original interior features. It reopened in 2019.

The buyer was attracted to the in-place cap rate along with its prime location close to Lake Michigan, which positions the asset well for long-term growth, Duckler added.

The renovated community includes eight studio and 32 one-bedroom apartments, which were almost fully occupied at the time of sale. Residences feature in-unit laundry, concrete flooring, custom kitchen cabinetry, quartz countertops, subway tile backsplashes and stainless steel appliances. On-site amenities include a spacious lobby with lounge seating, bike storage, Wi-Fi in common areas and gated parking.

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Interra Realty Brokers $8.175M Sale of The Synagogue Apartment Building in Chicagos Uptown Neighborhood - Yield PRO magazine

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