Interra Brokers Sale of Landmarked Bronzeville Multifamily
Interra Realty brokered the $4.15-million sale of Unity Hall Apartments at 3138-40 S. Indiana Ave., a landmarked property in the Gap, a historic section of Bronzeville, that was converted to a 21-unit multifamily community in 2016. The price per unit was $197,619.
Senior managing partner Joe Smazal represented the seller, TRB Properties One LLC, a venture of local developer Tom Boney. Smazal, who was able to attract multiple competitive offers within the first week of marketing, also represented the buyer, a private local investor.
“Buyers were attracted to the quality of the asset and its solid tenant base, as well as its proximity to Lake Michigan, public transportation, multiple colleges and the former Michael Reese Hospital site, which is being redeveloped into a new mixed-use district,” said Smazal. “The Gap, in particular, is blooming with new construction and renovation projects, including other residential developments led by Mr. Boney.”
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).