Belveron is among a group of out-of-town multifamily investors that have taken an interest in the South Side, attracted by investment returns that beat those in many other markets.

“I think that’s a circumstance of other real estate on the West Coast and on the East Coast becoming less desirable from a profitability standpoint, so there are parties who are trying to capture more significant returns on their investments and they feel like they can do that in neighborhoods like this,” said Lucas Fryman, director at Interra Realty, the Chicago broker that arranged the sale. “I think overall it’s certainly a positive trend because it’s something that’s enhancing the housing stock in the neighborhood.

Read article: Crain’s Chicago Business