6148-52 & 6155 S. Sacramento Ave., 6154-58 S. Richmond St.
A Piece of the Pie
Interra Realty closed the first 3 properties of a larger, 10 building, 260 unit South Side portfolio. 6148 S. Sacramento, 6155 S. Sacramento and 6154 S. Richmond totaled 37 units in Marquette Park. The buyer was attracted to the portfolio because of the opportunity to acquire a substantial number of units at the same intersection and in a submarket where most buildings are 10-12 units, thus providing immediate economies of scale.
The new owners plan to continue with the seller's model of modest upgrades as units turn over, and increasing those units' rent nearly 20%. The buyer was able to secure a Fannie Mae loan on the portfolio.