Interra Realty brokered the $11 million sale of Madison Terrace, a 96-unit apartment building at 3121-51 W. Madison Street in Chicago’s East Garfield Park neighborhood. At $115,000, the per-unit price was one of the highest in the last ten years in the immediate submarket.

Interra Managing Partners Ted Stratman and Lucas Fryman represented both the private buyer, which included a Chicago-based owner-operator and an investor based in the Northeast, and the sellers, ShainRealty Capital. The purchaser assumed the asset’s existing mortgage, which carries a sub-3% interest rate, and will also benefit from reduced property taxes through Cook County’s Class 9 incentive program.

“We continue to see strong interest in properties with long-term assumable debt, particularly those that offer additional value-add potential,” said Stratman. The new owner plans to continue the renovation of apartments and potentially add bedrooms, increasing the affordable housing stock in the immediate area.

On April 18, join multihousing’s leaders and dealmakers when they explore the most important topics facing the Phoenix and Scottsdale markets today. Register to attend and hear expert insights first-hand, network with the best in the industry, and sit in on discussions you won’t hear anywhere else. Connect Phoenix Multifamily & Single-Family Build-to-Rent on April 18 at the Westin Kierland Resort & Spa.  

Join the leaders and dealmakers when they explore the most important topics and trends at Connect Midwest: Multifamily, Affordable, Student & Student Housing Trends on June 4, 2024, at the W-Chicago, City Center Hotel, Chicago, IL. Register to attend to network with the best in the industry and sit in on discussions you won’t hear anywhere else. Early Bird Registration Ends April 19.