Interra Realty brokered the $1.3-million sale of a 13-unit apartment building at 1858 S. Springfield Ave. in the Lawndale neighborhood on Chicago’s West Side. The price per unit was $105,000.

Managing partner Lucas Fryman represented the buyer, a local owner with a portfolio of multifamily properties in the immediate area. The seller, Brilliant Future LLC, was represented by Interra managing partner Ted Stratman.

Built in 1923, 1858 S. Springfield underwent a gut renovation in 2022, including new roofing, porches and windows. The unit mix includes nine two-bedroom and four three-bedroom apartments, which were also upgraded but haven’t been leased yet.

“We were able to procure multiple offers within three weeks and ultimately sold the property for near list price, which equates to a leading price per unit for the Lawndale area and reflects an active investor market,” said Stratman. “By buying the building vacant, the new owner can make additional upgrades, manage the entire lease-up and raise rents to market rate.” 

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