Yield Pro: Interra Realty negotiates $1.9 million sale of multifamily property in Chicago’s Park Manor Neighborhood
CHICAGO, IL – Interra Realty, a Chicago-based commercial real estate investment services firm, announced it negotiated the $1.9 million sale of 7027-33 S. Indiana Ave., a 26-unit multifamily property in Chicago’s Park Manor neighborhood. The price per unit was $73,077.
Interra Managing Partner Ted Stratman was exclusively engaged to market the property on behalf of the local private seller, who had renovated most units and added a new boiler, roof and porches. Interra conducted a proactive direct marketing campaign, generating 15 tours and multiple competitive offers and closing at near list price. The confidential out-of-state buyer, who was represented by Interra Senior Managing Partner Brad Feldman, bought the property in a 1031 exchange and plans to update remaining unrenovated units as they become vacant.
“We continue to find plenty of investor interest in stabilized, cash-flowing assets throughout Chicago,” said Stratman. “That includes the South Side, where the price per unit entry point tends to be more attractive. A PPU of $73,000 for an all-one-bedroom apartment building is both accessible to a wider swath of investors and also a positive indicator of the potential growth in this submarket.”
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See additional articles on this deal below:
Chicago Business Journal: Park Manor Apartment Building Gets New Landlord