Connect CRE: Bronzeville Multifamily Sale Sets Pricing High Water Mark
CHICAGO, IL – Interra Realty brokered the $1.9-million sale of 4351-59 S. Martin Luther King Drive, an 18-unit apartment community in the South Side’s Bronzeville neighborhood, as part of a 1031 exchange in which the buyer paid all cash. The price was $107,000 per unit, reportedly the highest for the submarket this year.
Managing partner Lucas Fryman, co-founders and managing principals David Goss and Jon Morgan, and Associate Sam Gutierrez represented the private seller, who had owned the property for more than 35 years, and the confidential buyer. The new owner plans to modernize units and common areas.
“Bronzeville remains one of the South Side’s most desirable submarkets and is exploding with new investment, as evidenced by a wave of ground-up developments and the rehabilitation of existing multifamily communities,” said Fryman.
Built in the 1890s, 4351-59 S. Martin Luther King Dr. is a five-minute walk from the 43rd Street Green Line station.
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