Washington Park Portfolio Trades at High Per-Unit Price
Interra Realty brokered the $5.925-million sale of a five-building, 67-unit multifamily portfolio comprising 359 E. 55th Pl. and 6043, 6152, 6201 and 6235 S. King Dr., along with a vacant lot at 6131 S. King Dr., all in Chicago’s Washington Park neighborhood. The price per unit was $88,432.
Managing partner Ted Stratman, senior managing partner Brad Feldman and director Jeremy Morton represented the seller, GR82B Properties LLC, as well as the confidential buyer. The sale resulted in one of the higher prices per unit for a portfolio of this size and location.
“Despite headwinds from rising interest rates, Chicago’s South Side continues to attract a range of buyers – including those from out of state – who are drawn to the area’s comparatively high yields,” said Stratman. “Washington Park is just one of many active submarkets as investors continue to make a flight to quality from other investments and build their portfolios.”
- ◦Sale/Acquisition