Interra Realty brokered the $11 million sale of Madison Terrace, a 96-unit apartment building at 3121-51 W. Madison St. in Chicago’s East Garfield Park neighborhood.
At $115,000, the per-unit price was one of the highest in the last 10 years in the immediate submarket, per CoStar data.
Interra Managing Partners Ted Stratman and Lucas Fryman represented both the private buyer, which included a Chicago-based owner-operator and an investor based in the Northeast, and the sellers, Jonanthan and Elliot Shainberg of ShainRealty Capital. The purchaser assumed the asset’s existing mortgage, which carries a sub-3% interest rate, and will also benefit from reduced property taxes through Cook County’s Class 9 incentive program.
Built in the 1980s, the property includes a mix of two-, three- and four-bedroom apartments, on-site laundry and 70 parking spaces. The new owner plans to continue renovation of apartments and potentially add bedrooms, increasing the affordable housing stock in the immediate area. A portion of the units are reserved for low- and middle-income households earning up to 80% of the area median income.
Madison Terrace is a block from the 184-acre Garfield Park, whose famed conservatory is one of the largest in the country, and a half-mile or less from stations along the CTA’s Green and Blue lines and Metra’s Union Pacific West line.
