Interra Realty recently facilitated the sale of a 13-unit apartment building located at 1858 S. Springfield Ave. in Chicago’s Lawndale neighborhood on the West Side for $1.3 million, with each unit selling for $105,000.
The buyer was represented by Interra managing partner Lucas Fryman, while the seller Brilliant Future LLC was represented by Interra managing partner Ted Stratman. The property, built in 1923 and completely renovated in 2022 with new roofing, porches and windows, offers a mix of nine two-bedroom and four three-bedroom apartments that have been upgraded but not yet leased.
According to Stratman: “We received multiple offers within just three weeks and were able to sell the property close to its list price – which is considered a top price per unit for this area – demonstrating an active market among investors.” By purchasing the vacant building, the new owner has room to make additional upgrades as well as manage all aspects of leasing up units and raising rents to meet current market rates.
This recent transaction highlights strong interest from local buyers looking to invest in multifamily properties within their immediate area such as this one on Springfield Avenue without needing assistance from platforms like Connect CRE or Connect LA or Connect Texas.
