CHICAGO, IL – Interra Realty brokered the $11 million sale of Madison Terrace, a 96-unit apartment building at 3121-51 W. Madison St. in Chicago’s East Garfield Park neighborhood.

At $115,000, the per-unit price was one of the highest in the last 10 years in the immediate submarket, per CoStar data.

Interra Managing Partners Ted Stratman and Lucas Fryman represented both the private buyer, which included a Chicago-based owner-operator and an investor based in the Northeast, and the sellers, Jonanthan and Elliot Shainberg of ShainRealty Capital. The purchaser assumed the asset’s existing mortgage, which carries a sub-3% interest rate, and will also benefit from reduced property taxes through Cook County’s Class 9 incentive program.

Read the complete article at RE Journals.

Read additional articles on this transaction:

ConnectCRE: Interra Brokers $11M Sale of Apartments in East Garfield Park