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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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).