Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Deals on South, West Sides Hit Near-Record Price Points
Interra Realty has brokered a pair of sales, each valued at $2.1 million. They include 5550 W. North Ave., a mixed-use property in the West Side’s Austin neighborhood; and a rental community at 4901 S. Michigan Ave. (pictured) in Bronzeville on the South Side.
Lucas Fryman, director at Interra, represented the buyer and seller in the 5550 W. North transaction, which involved 31 rental apartments and four retail units and resulted in one of the highest-ever per-unit prices in the neighborhood at $60,000.
His colleagues Brad Feldman and Adam Saxon represented both buyer and seller on the 20-unit 4901 S. Michigan, which contains a mix of two, three and four-bedroom apartments. At $105,000 per unit, it too fetched one of Bronzeville’s highest prices to date.
“These deals illustrate the interest investors have in buildings with a reliable performance in neighborhoods that have experienced less price appreciation,” said Interra managing principal Jon Morgan.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
