Interra Realty brokered the $7.5-million sale of a three-building apartment portfolio comprising 114 units on Chicago’s South Side. The price per unit was $65,789.
Two of the properties are in the South Shore neighborhood: 7131 S. Bennett Ave. and 1949 E. 73rd Place (pictured). The third, 6600 S. Ingleside Ave., is located in Woodlawn.
The undisclosed seller, a Denver-based investor, and the New York-based buyer both were represented by Interra managing partner Lucas Fryman. Despite challenges posed by the COVID-19 pandemic, Fryman marketed the portfolio as a value-add investment and was able to generate multiple offers.
“As COVID-19 persists, we’re helping buyers identify assets with a mix of market-rate and subsidized units, some of which are backed by government funds – which was the case for all three buildings in the portfolio – as rental income derived from the subsidies is viewed as more stable during the pandemic,” said Fryman.
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).