Multifamily N Illinois

Interra Realty closes on Washington Park multifamily property

  

Interra Realty brokered a 38-unit multifamily property at 6125 S. Indiana Ave. in Chicago’s Washington Park neighborhood for $2.73 million.

Interra brokers Lucas Fryman, David Goss and Jon Morgan represented the buyer and seller in the transaction.

At more than $71,000 per unit, the deal is the highest dollar volume per unit for apartment buildings with more than 20 units in Washington Park this year. The closing price represents a 10 cap rate and gross rent multiple of 6.3.

All 38 units in the courtyard building have been rehabbed and are almost fully occupied. The building ranges from two-bedroom units to five-bedroom units.