The undisclosed seller, a local investment and management group, was represented by Jon Morgan and David Goss, co-founders and managing principals of Interra Realty, along with Ted Stratman and Lucas Fryman, managing partners, and Jeremy Morton, director. The private buyer, a local investment group represented by the same Interra team, plans to update a few units that had not previously been renovated.

“We’re seeing continued interest in larger apartment buildings in South Shore with a minor value-add component,” said Stratman. “Interra worked diligently with both parties to work through new lending requirements and the uncertainty surrounding COVID-19 to close the deal. Notably, rent collections have remained very strong through the pandemic, which helped keep the deal moving forward.”

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