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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.”
- ◦Lease
