Interra Realty, a leading brokerage firm in Chicago, recently facilitated the sale of Madison Terrace for $11 million. The property is located at 3121-51 W. Madison Street in the desirable East Garfield Park neighborhood and consists of 96 apartment units. This transaction set a new record for per-unit price in the submarket with each unit selling at $115,000.
The successful deal was managed by Interra’s Managing Partners Ted Stratman and Lucas Fryman who represented both parties involved – a private buyer consisting of a Chicago-based owner-operator and an investor from Northeast – as well as ShainRealty Capital, the sellers. The buyer took over the existing mortgage with an attractive interest rate below 3% and will also benefit from Cook County’s Class 9 incentive program which offers reduced property taxes.
According to Stratman, there has been significant interest in properties that offer long-term assumable debt along with potential value-add opportunities. He further added that under its new ownership, Madison Terrace will continue to undergo renovations while also exploring options to increase its affordable housing stock by adding more bedrooms.
This recent sale marks another success story for Interra Realty which continues to be one of top-performing brokerages in Chicago real estate market.
