Interra Realty Facilitates $1M Sale Of MultiFamily Property In Chicago

4040 S. Prairie Avenue in Chicago's Bronzeville neighborhood was recently sold for $1,000,000. The eight-unit apartment building, built in 2007, features four two-bedroom and four three-bedroom duplex units. The property, with stainless steel appliances, granite countertops, fireplaces, and balconies, was 75 percent occupied at the time of sale. Conveniently located near public transportation, retail outlets, and major universities, the building offers a desirable living space in a thriving area.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $1,000,000.00
• Market: Chicago
• Price per Unit: $134,375
• Buyer's Representative: Max Grossman (Interra Realty)
• Seller's Representatives: Lucas Fryman and Ted Stratman (Interra Realty)
• Buyer: Unknown
• Seller: The Wolcott Group LLC

Interra Realty played a significant role in facilitating the sale of the property. Max Grossman not only represented the undisclosed buyer but also teamed up with managing partners Lucas Fryman and Ted Stratman to represent the seller, The Wolcott Group LLC. Despite obstacles due to the pandemic, the deal was successfully closed, benefitting both the seller and the buyer. The transaction reflects the strong demand for housing in Bronzeville and highlights the effectiveness of re-engaging interested parties to finalize a real estate deal.