Multifamily N Illinois

Interra Realty brokers two multifamily sales

Interra Realty brokers two multifamily sales,ph1

Chicago-based commercial real estate investment services firm Interra Realty has brokered the sale of two multifamily buildings comprising 26 apartments on Chicago’s south side. Interra Realty director Lucas Fryman represented both the buyer, a Chicago-based investor, and private seller.

The adjacent properties, located at 1645-49 W. 83rd and 8301 S. Paulina streets in the Gresham neighborhood, sold for $1.1 million in a single transaction. The buildings include a mix of one-, two- and three-bedroom units that have recently undergone renovations.

“This sale speaks to the demand for well-maintained rental buildings with upgraded finishes and stabilized operations,” said Fryman. “The assets were originally bought in distress, and the seller was able to bring life back to both buildings by completing an extensive rehab that created comfortable, economical housing for area residents.”

Units feature upgraded appliances and flooring. Off-street parking is available to tenants on a central surface lot. Combined occupancy at the properties, both built in 1928, was 95 percent at the time of closing. The buyer plans to build out two unfinished garden apartments in order to increase revenue.