Interra Realty brokered the sale of a three-building, 37-unit multifamily portfolio in the Southwest Side’s Marquette Park neighborhood for $2.02 million. The sale price equates to $55,000 per unit, one of the highest amounts paid on a per-unit basis in the Marquette Park submarket over the past five years, according to CoStar data.
An Interra team of Jon Morgan, David Goss, Ted Stratman, Lucas Fryman and Max Grossman represented both the seller, Ernst Development, and the private buyer in the transaction.
“The seller achieved very strong prices for these properties, demonstrating continued demand for cash-flowing assets with a small value-add component, particularly in this submarket,” said Stratman.
The three buildings were constructed in the 1920s and underwent renovations between 2018 and 2020. All three were part of an original 10-building portfolio. Five of the properties are under contract, but two others are still available.
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).