Interra Realty has successfully brokered the sale of a multifamily portfolio consisting of three buildings and 114 units on Chicago’s South Side. The transaction was valued at $9.3 million, with each unit averaging at $81,578. Lucas Fryman, Managing Partner at Interra Realty, represented both the buyer and seller who are based in Brooklyn.
The two properties located in the South Shore area are 7131 S. Bennett Ave. and 1949 E. 73rd Avenue while the third property is situated in Woodlawn neighborhood at 6600 S.Ingleside Avenue.The purchaser took over an existing mortgage with a low interest rate of only3 .29% that will mature by year-end2032.
In total,the three buildings offer a diverse mix of living spaces including51 one-bedroom units ,50 two-bedrooms ,five three-bedrooms,and eight studio apartments.Built backin1923,the largest building among them is7131 S.Bennett which comprises61units.Completed just after that,in1924and1925,respectively;6600S.Inglesideand1949E..73rdhave28and25units respectively.Atthe timeofsale,the properties were almost fully occupiedat95%.
