Interra Negotiates $7.5M Sale of MF South Side Portfolio
Interra Realty has negotiated the $7.5 million sale of a two-building multifamily portfolio on Chicago’s South Side, near the future Obama Presidential Center. The properties on South Paxton Avenue total 79 units and consist of three studios, 21 one-bedrooms, 33 two-bedrooms, 13 three-bedrooms, and nine four-bedroom units.
Lucas Fryman of Interra represented the sellers, Mendy Raskin and Jon Kranzler. They bought the buildings in 2019 for $6.7 million. Brad Feldman of Interra represented the buyer, a local private investor. The portfolio was 94 percent occupied at the time of sale. As part of the transaction, the buyers assumed the existing long-term Fannie Mae loan from the seller.
The portfolio was 94% occupied at the time of sale, and the properties are located within walking distance of the South Shore Cultural Center and South Shore Golf Course.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.