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South Loop Sees Its Biggest Apt. Deal in Nearly a Year
Interra Realty brokered the $27-million sale of Vesta Lofts, a 59-unit mixed-property in the South Loop. The sale included the existing building at 125 E. 21st St., which includes 7,890 square feet of commercial space, along with an adjacent parking lot suitable for development.
Lucas Fryman, Joe Smazal, David Goss and Jon Morgan of Interra represented both the seller, 2100 Oak Investors LLC, as well as the private out-of-state buyer.
The buyer was “a New York-based group that was attracted to both the stabilized mixed-use building and the development potential of the adjacent parking lot,” said Fryman. “This transaction is the largest multifamily sale in the South Loop since March 2019, demonstrating growing investor interest in the area around McCormick Place.”
Added Smazal, “We’re seeing more multifamily investment and development as renters seek out more attainably priced housing that is still close to the central business district.”
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- ◦Sale/Acquisition
