Interra Realty brokered the $16.8-million, 238-unit sale of Shorewind Towers and Shorewind Court in South Shore. The two-property transaction was the largest by dollar amount and unit count in the submarket since 2009, according to CoStar.
The seller, Chicago-based TLC Management Company, was represented by Interra’s Joe Smazal, Lucas Fryman, Jon Morgan and David Goss, co-founder and managing principal. Interra’s Pat Kennelly and Paul Waterloo represented the buyer, San Francisco-based Belveron Partners LLC.
“This sale underscores the rising profile of South Shore in the eyes of both local and out-of-state investors,” said Smazal. “Rents and property values have been slower to appreciate in some of these South Side neighborhoods, so there’s more upside for buyers willing to venture outside Chicago’s downtown core.”
Shorewind Towers is a 16-story, 178-unit building that was completed in 1927. Down the block is Shorewind Court Apartments, a three-story, 60-unit community built in 1920.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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