December 14, 2018
Interra Realty has brokered the sale of a 61-unit multifamily development at 7131-51 S. Bennett Ave. in the South Shore neighborhood. The sale price was $3.25 million.
Both the buyer and seller were represented by Lucas Fryman, director at Interra. The property is the second largest apartment property by unit count to trade in the neighborhood thus far in 2018.
“This transaction demonstrates continued interest in the South Shore submarket, which has drawn attention from investors due to its proximity to lakefront recreation, cultural institutions and easy access to downtown Chicago,” said Fryman.
The property was 80% leased at the time of sale. The buyer plans to make capital improvements to the units, to bring the finishes in line with the market and utilize an aggressive leasing strategy.
“With the stabilization of the market since the subprime mortgage crisis, investment opportunities like this are becoming increasingly scarce,” said Fryman.
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