Managing partners Ted Stratman and Lucas Fryman, together with director Jeremy Morton, exclusively marketed the asset on behalf of the seller, Chicago-based NOVO Properties. In the first four weeks of marketing, the three brokers organized more than 15 tours and procured multiple competitive offers that resulted in a cash sale at list price. Stratman, Fryman, Morton and director Brian DiBasilio also represented the undisclosed buyer, who plans to renovate the building, add in-unit laundry and combine some apartments to offer larger floor plans.

“The sale is indicative of continued strong demand for multifamily properties on the South Side of Chicago, especially in the Kenwood neighborhood,” said Stratman. “The value-add component here made the property especially attractive.”

Read article: RE Journals