Interra Realty Brokers $9.3M Multifamily Portfolio Sale In Chicago's South Side

The multifamily property, comprising 114 units across three buildings, was sold in a portfolio deal in Chicago's South Side neighborhoods of South Shore and Woodlawn. The properties included 7131 South Bennett Avenue, 1949 East 73rd Place, and 6600 South Ingleside Avenue, totaling 50,000 square feet.

Summary of transation details:

• Property Type: Multifamily
• Transaction Amount: $9,300,000
• Units: 114
• Price Per Unit: $81,579
• Price Per Square Foot: $186
• Market: Chicago
• Seller: Mendy Raskin & Jonathan Kranzler
• Broker: Lucas Fryman - Interra Realty, LLC

Lucas Fryman of Interra Realty, LLC played a pivotal role as the broker in the transaction, representing both the buyers and sellers. Noteworthy is that this sale involved the assumption of the existing FNMA mortgage, marking the 14th time Fryman facilitated a deal with a loan assumption in the past year and a half. Fryman also previously assisted Kranzler and Raskin in acquiring the properties during the height of the Covid-19 pandemic.