CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of a three-building, 37-unit multifamily portfolio in Chicago’s Marquette Park neighborhood for $2.02 million. The sale price equates to $55,000 per unit, one of the highest amounts paid on a per-unit basis in the Marquette Park submarket over the past five years, according to CoStar data.
The properties include 6148 S. Sacramento Ave., a 17-unit apartment building; 6155 S. Sacramento Ave., a 10-unit apartment building; and 6154 S. Richmond St., a 10-unit apartment building.
Interra co-founder and Managing Principal Jon Morgan, co-founder and Managing Principal David Goss, Managing Partner Ted Stratman, Managing Partner Lucas Fryman and Associate Max Grossman represented both the seller, Ernst Development, and the private buyer in the transaction.
“The seller achieved very strong prices for these properties, demonstrating continued demand for cash-flowing assets with a small value-add component, particularly in this submarket,” said Stratman. “By leveraging our network, we were able to procure a buyer focused solely on Marquette Park, where fewer buildings of this size are available. The buyer’s ability to acquire three of them in a single transaction created additional economies of scale that made the portfolio especially attractive.”
The three buildings, whose units range from studios to two-bedrooms, were constructed in the 1920s and underwent renovations between 2018 and 2020, with updates to kitchens, baths and many common areas as well as improvements to building systems. The buyer plans to continue the in-unit renovations. Together, the buildings were 95% occupied at the time of sale.
Nearby bus routes connect to the Red and Orange lines, offering service to downtown Chicago. The properties also offer proximity to Midway International Airport — about 2.5 miles to the west — and major thoroughfares including the Stevenson and Dan Ryan expressways.
These three properties were part of an original 10-building portfolio. Five of the other properties are under contract, according to Stratman, but a 55-unit building at 6710 S. Claremont Ave. and a 26-unit building at 7919 S. Wood St. are available for sale.