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Interra Realty Brokers Sale of South Side Multifamily Portfolio
Interra Realty brokered the sale of a three-building, 114-unit multifamily portfolio on the city’s South Side for $9.3 million, or $81,578 per unit. Interra Managing Partner Lucas Fryman represented the portfolio’s buyer and seller, both based in Brooklyn.
Two buildings, 7131 S. Bennett Ave. and 1949 E. 73rd Avenue, are located in the South Shore area, while the third property, 6600 S. Ingleside Avenue, is in the Woodlawn neighborhood. The purchaser assumed the asset’s existing mortgage, which carries a 3.29% interest rate that matures at year-end 2032.
Collectively, the three buildings include a mix of 51 one-bedroom units, 50 two-bedrooms, five three-bedrooms and eight studio apartments. Built in 1923, 7131 S. Bennett is the largest of the three properties and encompasses 61 units. Completed in 1924 and 1925, respectively, 6600 S. Ingleside and 1949 E. 73rd are home to 28 and 25 units. The properties were 95% occupied at the time of sale.
