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.”
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).