Sub Markets

Property Sectors

Topics

Chicago & Midwest CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

New call-to-action
Chicago & Midwest  + South Side  + Apartments  | 
Interra Realty brokered the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood for 50% above what its owners paid two years ago

Kenwood Apartment Portfolio Sells at 50% Above 2020 Purchase Price

Interra Realty brokered the sale of a 204-unit multifamily portfolio in Chicago’s Kenwood neighborhood. Comprising six buildings, the portfolio sold for $27 million, the equivalent of $132,353 per apartment. 

Managing partners Lucas Fryman and Ted Stratman and associate Sam Gutierrez, represented the seller, New York-based real estate investment group Raskin Risers. Fryman, Stratman and Gutierrez also procured the undisclosed buyer. 

Stratman and Fryman were part of the Interra team that brokered Raskin Risers’ $17.9-million acquisition of the portfolio in 2020. They’re members of Interra’s South Side team. 

“This sale exemplifies investors’ continued demand for rental opportunities on Chicago’s South Side,” said Stratman. “There is strong appetite for buildings in Kenwood and Bronzeville, in particular, as these neighborhoods have seen a renaissance in recent years.” 

New ownership plans to upgrade select units with renovated kitchens and baths, executing a value-add strategy that has been successful for previous investments. 

Connect

Inside The Story

Interra Realty

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
New call-to-action