Unknown Buyer Acquires MultiFamily Property In Chicago For $3.25M

The property at 7131-51 S. Bennett Avenue in Chicago, IL, 60649, is a 61-unit multifamily development located in Chicago's South Shore neighborhood. The sale price of the property was $3.25 million, and it spans approximately 50,000 square feet.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $3,250,000.00
• Market: Chicago
• Buyer's Representative: Lucas Fryman(Interra Realty)
• Buyer: Unknown
• Seller: Unknown
• Square Footage: 50,000

Lucas Fryman, the director at Interra Realty, played a key role in representing both the buyer and seller in this transaction. With his expertise, Fryman was able to secure a buyer off-market, meeting the seller's preference for a discrete sales process. The vintage building comprises a mix of studio-, one-, two-, and three-bedroom apartments, with 80 percent of the units already leased at the time of sale. The buyer intends to enhance the property by making capital improvements to the units to align with the market standards, alongside implementing an aggressive leasing strategy to maximize revenue.