Interra Realty Finalizes Park Manor Multifamily Sale
Interra Realty negotiated the $1.9-million sale of 7027-33 S. Indiana Ave., a 26-unit multifamily property in Chicago’s Park Manor neighborhood. The price per unit was $73,077.
Managing partner Ted Stratman marketed the property on behalf of the local private seller, who had renovated most units and added a new boiler, roof and porches. The confidential out-of-state buyer, who was represented by Interra senior managing partner Brad Feldman, bought the property in a 1031 exchange and plans to update remaining unrenovated units as they become vacant.
“We continue to find plenty of investor interest in stabilized, cash-flowing assets throughout Chicago,” said Stratman. “That includes the South Side, where the price per unit entry point tends to be more attractive. A PPU of $73,000 for an all-one-bedroom apartment building is both accessible to a wider swath of investors and also a positive indicator of the potential growth in this submarket.”
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).