Interra Realty Brokers $5.5M Sale Of South Shore MultiFamily Portfolio

The two-building apartment portfolio in Chicago's South Shore neighborhood was sold for $5.5 million. The portfolio includes a 30-unit property located at 7646 S. Essex Ave and a 33-unit property located at 7800 S. Phillips Ave. Both buildings were constructed in 1926 and offer a mix of one-, two-, and three-bedroom floor plans. The properties were renovated to include in-unit HVAC, onsite laundry, key fob entry, and security systems. At the time of sale, they were 88 percent occupied. The price per unit was $86,667.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $5,500,000.00
• Market: Chicago
• Buyer's Rep: Ted Stratman (Interra Realty)
• Buyer: Unknown
• Seller: Iron Bridge Lending

Ted Stratman and Jeremy Morton of Interra Realty represented both the seller, Iron Bridge Lending, and the buyer in this transaction. The buyer is described as a local multifamily owner and operator.