March 14, 2019
Interra Realty has brokered the sale of eight rental buildings totaling 100 units in the South Side’s Washington Park neighborhood. The $7.78-million sale price equated to approximately $77,805 per apartment.
The firm’s David Goss, Jon Morgan and Lucas Fryman represented the buyer, Jarrell Housing Group, and the seller, St. Edmund’s Redevelopment Corp., a Chicago-based owner and operator of affordable rental communities on the South Side.
“It’s rare to see a multifamily portfolio of this size trade hands in Washington Park,” Goss said. “The property was attractive to the buyer because of the value-add potential and location in a trending submarket. Jarrell Housing Group plans to make substantial improvements to all the properties, and still maintain them as affordable housing.”
Development activity nearby, including the proposed Obama Presidential Center in Jackson Park, is helping spur investor demand for multifamily in Washington Park and surrounding neighborhoods, Interra says.
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