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Chicago & Midwest  + South Side  + Apartments  | 

Interra Brokers South Shore’s 2nd Largest MF Deal of 2018

Interra Realty has brokered the sale of a 61-unit multifamily development at 7131-51 S. Bennett Ave. in the South Shore neighborhood. The sale price was $3.25 million.

Both the buyer and seller were represented by Lucas Fryman, director at Interra. The property is the second largest apartment property by unit count to trade in the neighborhood thus far in 2018.

“This transaction demonstrates continued interest in the South Shore submarket, which has drawn attention from investors due to its proximity to lakefront recreation, cultural institutions and easy access to downtown Chicago,” said Fryman.

The property was 80% leased at the time of sale. The buyer plans to make capital improvements to the units, to bring the finishes in line with the market and utilize an aggressive leasing strategy.

“With the stabilization of the market since the subprime mortgage crisis, investment opportunities like this are becoming increasingly scarce,” said Fryman.

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About Paul Bubny

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 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).

  • ◦Sale/Acquisition
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