Chicago Business Journal: Apartment portfolio near future Obama Presidential Center sells for $9 million:

Lucas Fryman
Deal Stories
Lucas Fryman

CHICAGO, IL – Another multifamily portfolio consisting of apartment buildings located near the future Obama Presidential Center in Chicago has sold for $9.3 million.

The sellers, Mendy Raskin and Jonathan Kranzler, closed May 22 on the sale of a 114-unit portfolio they purchased in January 2021. The apartments sold to a New York City-based investor, according to Lucas Fryman with Interra Realty LLC, who represented the seller and buyer in the transaction.

The portfolio consists of buildings at 7131 S. Bennett Ave., 1949 E. 73rd Place and 6600 S. Ingleside Ave. — all located less than two miles from the OPC.

Fryman said there is demand for apartment buildings with a value-add component located near the OPC and in core neighborhoods like Kenwood, Hyde Park and Woodlawn.

The undisclosed buyer purchased the 95%-occupied portfolio because of its assumable loan component and steady cash flow and to complement their existing portfolio, Fryman said.

See the complete article at Chicago Business Journal

See additional articles on this transaction:

REBusiness Online: Interra Realty Brokers $9.3M Sale of Multifamily Portfolio on Chicago’s South Side

Multifamily Biz: Interra Realty Brokers $3.4 Million Sale of Four-Building Rental Apartment Portfolio in Chicago’s Vibrant Lincoln Park Neighborhood

ConnectCRE: Interra Realty Brokers Sale of South Side Multifamily Portfolio