Interra Brokers South Shore’s Largest Deal in 10 Years
Interra Realty brokered the $16.8-million, 238-unit sale of Shorewind Towers and Shorewind Court in South Shore. The two-property transaction was the largest by dollar amount and unit count in the submarket since 2009, according to CoStar.
The seller, Chicago-based TLC Management Company, was represented by Interra’s Joe Smazal, Lucas Fryman, Jon Morgan and David Goss, co-founder and managing principal. Interra’s Pat Kennelly and Paul Waterloo represented the buyer, San Francisco-based Belveron Partners LLC.
“This sale underscores the rising profile of South Shore in the eyes of both local and out-of-state investors,” said Smazal. “Rents and property values have been slower to appreciate in some of these South Side neighborhoods, so there’s more upside for buyers willing to venture outside Chicago’s downtown core.”
Shorewind Towers is a 16-story, 178-unit building that was completed in 1927. Down the block is Shorewind Court Apartments, a three-story, 60-unit community built in 1920.
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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).