
Circa-1891 Apartments Trade in Bronzeville
Interra Realty brokered the $1.5-million sale of 4520 S. Vincennes Ave., an 18-unit apartment community in the South Side’s Bronzeville neighborhood. The price was $83,000 per unit.
Managing partner Lucas Fryman, co-founders and managing principals David Goss and Jon Morgan, and associate Sam Gutierrez represented the private seller and confidential buyer. The seller had owned the circa-1891 property since 1991, originally redeveloping the building using low-income housing tax credits. The buyer plans to modernize units as they turn over.
“Bronzeville has become one of the most desirable submarkets in Chicago because of its rich cultural history, proximity to downtown and the lakefront, and several large-scale developments that are expected to catalyze investment in the area,” said Fryman. “We were able to successfully market the building to a wide range of prospects, creating a competitive bidding scenario with multiple rounds of negotiations, all without a formal asking price.”
- ◦Sale