Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.9 million sale of 4351-59 S. Martin Luther King Drive, an 18-unit apartment community in Chicago’s Bronzeville neighborhood, as part of a 1031 exchange in which the buyer paid all cash. The price was $107,000 per unit, the highest for the submarket this year, according to CoStar data.
Managing Partner Lucas Fryman, co-founders and Managing Principals David Goss and Jon Morgan, and Associate Sam Gutierrez represented the private seller, who had owned the property for more than 35 years, and confidential buyer. Interra’s extensive marketing campaign attracted interest from investors across the country, resulting in 27 tours, 10 written offers and a winning bid that was nearly full asking price.
Built in the 1890s, 4351-59 S. Martin Luther King Drive includes one two-bedroom, 11 three-bedroom, three four-bedroom and three five-bedroom units, collectively 88% occupied at the time of sale. While the building had been well-maintained by the seller, the new owner plans to modernize units and common areas.
Located about 5 miles south of downtown Chicago, the property is a five-minute walk from the 43rd Street Green Line station and served by multiple CTA bus routes. It also offers proximity to the University of Chicago and Illinois Institute of Technology, as well as several parks, entertainment venues, historic residences and other landmarks.
Bronzeville is one of 10 neighborhoods included in the city’s INVEST South/West community improvement initiative. Last week, the city hosted a webinar to consider three redevelopment proposals for a pair of vacant lots at 449-51 E. 47th St., a few blocks south of 4351-59 S. Martin Luther King Drive and adjacent to the Harold Washington Cultural Center.
