South Shore Mid-Rise Sells to Investment Group
Interra Realty brokered the $2.3-million sale of 6811 S. Paxton Ave., a 29-unit mid-rise apartment building in Chicago’s South Shore neighborhood. The price per unit was $79,300.
The undisclosed seller, a local investment and management group, was represented by Jon Morgan and David Goss, co-founders and managing principals of Interra Realty, along with Ted Stratman and Lucas Fryman, managing partners, and Jeremy Morton, director.
The private buyer, a local investment group represented by the same Interra team, plans to update a few units that weren’t previously renovated.
“We’re seeing continued interest in larger apartment buildings in South Shore with a minor value-add component,” said Stratman. “Interra worked diligently with both parties to work through new lending requirements and the uncertainty surrounding COVID-19 to close the deal. Notably, rent collections have remained very strong through the pandemic, which helped keep the deal moving forward.”
Get CRE News in 150 words For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
