CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $2.58 million sale of a 31-unit apartment building at 6949-6959 S. Merrill Ave. in Chicago’s South Shore neighborhood. The transaction equated to $83,225 per unit.
Interra Director Max Grossman represented the local confidential buyer. Senior Managing Partner Joe Smazal and Managing Partner Lucas Fryman represented the seller, a private investor based on the East Coast. The property was approximately 90% occupied at the time of sale.
“The South Shore neighborhood has seen rapidly appreciating prices as of late, particularly for properties in the Jackson Park Highlands submarket,” said Grossman. “This building had been on and off the market with other firms over the last few years, but Interra was able to secure an investor with deep ties to the neighborhood.”
The courtyard property includes a mix of studio to three-bedroom apartments, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. New ownership could elect to continue that strategy or push rent levels in the units’ current condition.
6949-6959 S. Merrill is a few blocks south of Jackson Park, home to the Museum of Science and Industry and the under-construction Obama Presidential Center. The property is also close to South Shore Beach, retail offerings along 71st Street and the Bryn Mawr station on the Metra Electric line.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com