Interra Realty recently brokered the $1.07-million sale of 4040 S. Prairie Ave., an eight-unit apartment building in Bronzeville on Chicago’s South Side. The price per unit was $134,375.
Associate Max Grossman and managing partners Lucas Fryman and Ted Stratman represented the seller, Chicago-based The Wolcott Group LLC. Grossman also represented the undisclosed buyer.
“Bronzeville has been very hot, with lots of new construction and mid-six-figure single-family home sales,” said Grossman. “When COVID hit in March, the original buyer walked away, but we were able to re-engage a group that expressed interest earlier in the year and, ultimately, close the deal. In the end, the seller got a good price, and the buyer got an attractive newer building with large apartments in a booming neighborhood.”
Built in 2007, 4040 S. Prairie includes four two-bedroom and four three-bedroom duplex units. The apartments were 75% occupied at the time of sale.
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).