Bronzeville Multifamily Sale Sets Pricing High Water Mark
Interra Realty brokered the $1.9-million sale of 4351-59 S. Martin Luther King Drive, an 18-unit apartment community in the South Side’s Bronzeville neighborhood, as part of a 1031 exchange in which the buyer paid all cash. The price was $107,000 per unit, reportedly the highest for the submarket this year.
Managing partner Lucas Fryman, co-founders and managing principals David Goss and Jon Morgan, and Associate Sam Gutierrez represented the private seller, who had owned the property for more than 35 years, and the confidential buyer. The new owner plans to modernize units and common areas.
“Bronzeville remains one of the South Side’s most desirable submarkets and is exploding with new investment, as evidenced by a wave of ground-up developments and the rehabilitation of existing multifamily communities,” said Fryman.
Built in the 1890s, 4351-59 S. Martin Luther King Dr. is a five-minute walk from the 43rd Street Green Line station.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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