REBusiness Online: Interra Realty Brokers $5.5M Sale of Two-Building Apartment Portfolio in Chicago’s South Shore

Jeremy Morton
Ted Stratman
Jeremy Morton
Multifamily
News
Ted Stratman
Transactions

Interra Realty has brokered the $5.5 million sale of a two-building apartment portfolio in Chicago’s South Shore neighborhood. The properties include the 30-unit 7646 S. Essex Ave. and the 33-unit 7800 S. Phillips Ave. The price per unit was $86,667.

Both buildings were constructed in 1926 and offer a mix of one-, two- and three-bedroom floor plans. The properties were renovated to include in-unit HVAC, onsite laundry, key fob entry and security systems. They were 88 percent occupied at the time of sale.

Ted Stratman and Jeremy Morton of Interra represented the seller, Iron Bridge Lending, as well as the buyer, a local multifamily owner and operator.

Read article: REBusiness Online