January 13, 2021
Interra Realty brokered the $7.5-million sale of a three-building apartment portfolio comprising 114 units on Chicago’s South Side. The price per unit was $65,789.
Two of the properties are in the South Shore neighborhood: 7131 S. Bennett Ave. and 1949 E. 73rd Place (pictured). The third, 6600 S. Ingleside Ave., is located in Woodlawn.
The undisclosed seller, a Denver-based investor, and the New York-based buyer both were represented by Interra managing partner Lucas Fryman. Despite challenges posed by the COVID-19 pandemic, Fryman marketed the portfolio as a value-add investment and was able to generate multiple offers.
“As COVID-19 persists, we’re helping buyers identify assets with a mix of market-rate and subsidized units, some of which are backed by government funds – which was the case for all three buildings in the portfolio – as rental income derived from the subsidies is viewed as more stable during the pandemic,” said Fryman.
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