June 19, 2020
Interra Realty brokered the $2.3-million sale of 6811 S. Paxton Ave., a 29-unit mid-rise apartment building in Chicago’s South Shore neighborhood. The price per unit was $79,300.
The undisclosed seller, a local investment and management group, was represented by Jon Morgan and David Goss, co-founders and managing principals of Interra Realty, along with Ted Stratman and Lucas Fryman, managing partners, and Jeremy Morton, director.
The private buyer, a local investment group represented by the same Interra team, plans to update a few units that weren’t previously renovated.
“We’re seeing continued interest in larger apartment buildings in South Shore with a minor value-add component,” said Stratman. “Interra worked diligently with both parties to work through new lending requirements and the uncertainty surrounding COVID-19 to close the deal. Notably, rent collections have remained very strong through the pandemic, which helped keep the deal moving forward.”
For comments, questions or concerns, please contact Paul Bubny