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.”
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).