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Chicago & Midwest   /   January 19, 2021

Paul Bubny
By: Paul Bubny

South Shore Portfolio Fetches High Per-Unit Price

Interra Realty closed the $5.46-million sale of two recently rehabbed rental properties in the South Side’s South Shore neighborhood: 7646 S. Essex Ave., a 30-unit apartment building, and 7800 S. Phillips Ave., a 33-unit community. Including both assets, the price per unit was $86,667.
Managing partner Ted Stratman and director Jeremy Morton represented both the seller, Iron Bridge Lending, and the undisclosed buyer, a local multifamily owner and operator. The Interra team procured multiple list-price offers and closed the deal in 45 days.
“Recently rehabbed apartment buildings are in extremely high demand among renters and investors alike,” said Stratman. “Both of these buildings were gut-rehabbed in the past two years, creating turnkey assets for the buyer and new affordable housing options for the neighborhood.”
Reflecting its appeal, the portfolio garnered one of the highest per-unit prices in this pocket of South Shore in recent years, according to CoStar data.
Pictured: 7800 S. Phillips Ave.

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About the Author

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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