Chicago & Midwest + South Side + Apartments | June 14, 2021

South Shore Portfolio Trades to Two Separate Buyers

Interra Realty brokered the $4.94-million sale of a trio of multifamily buildings in Chicago’s South Shore neighborhood.The properties, which were purchased by two parties, included:

• 7040 S. Merrill Ave., a 42-unit rental community that sold for $2,315,000.

• 7337 S. Ridgeland Ave., a 25-unit building that traded for $1,490,000.

• 7801 S. Bennett Ave., a 16-unit property that sold for $1,135,000.

Interra managing partners Ted Stratman and Lucas Fryman, managing principals David Goss and Jon Morgan, associate Sam Gutierrez and director Jeremy Morton represented the private seller. Interra marketed the properties to a national network and ultimately split up the portfolio to maximize proceeds for the seller

“The transactions represented strong pricing for value-add deals in South Shore, which continues to attract interest for its prime location near the lakefront, major institutions and cultural attractions, and Jackson Park, the future home of the Obama Presidential Center,” said Stratman.

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About Paul Bubny

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).

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