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Interra Brokers Off-Market Deal in South Shore
Interra Realty brokered the off-market sale of 6901 S. Paxton Ave., a three-story, 50-unit building in the Jackson Park Highlands submarket of Chicago’s South Shore neighborhood, and 6949 S. Paxton Ave., a four-story, 29-unit building on the same block. The recently-renovated properties sold together for $6.65 million, or $84,172 per unit.
Interra Director Lucas Fryman represented the confidential seller and buyer, both from coastal cities. Each is a repeat client of Fryman, who has represented the buyer in a total of four South Shore sales. Fryman also originally represented the seller in purchasing 6901 S. Paxton.
“Investors continue to see value in South Shore, where rents and property values have been slower to appreciate compared with nearby neighborhoods like Hyde Park, therefore offering buyers a higher potential return,” said Fryman. “The seller was able to execute their business plan for both buildings by adding value through in-unit improvements.”
Pictured: 6901 S. Paxton Ave.
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