Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the sale of a two-building, 79-unit multifamily portfolio in Chicago. The properties, located in the South Shore neighborhood, sold for $7.54 million, equivalent to $95,433 per unit.
Interra Managing Partner Lucas Fryman represented the sellers, Mendy Raskin and Jon Kranzler. Interra Senior Managing Partner Brad Feldman represented the buyer, a local private investor. The portfolio was 94% occupied at the time of sale.
The properties, located at 6901 and 6949 S. Paxton Ave., include a mix of three studios and 21 one-bedroom, 33 two-bedroom, 13 three-bedroom and nine four-bedroom apartments. As part of the deal, the buyers assumed the existing long-term, low-interest-rate Fannie Mae loan from the seller.
This is the second time Interra has transacted 6901 and 6949 S. Paxton. Fryman represented Raskin and Kranzler in their 2019 acquisition of the portfolio, and he also represented the confidential seller. The properties traded for $6.65 million at that time.
6901 and 6949 S. Paxton are located less than a half-mile from Lake Michigan and the Lakefront Trail, and within walking distance of the South Shore Cultural Center, South Shore Golf Course and the future Obama Presidential Center, now under construction. The properties are close to several bus routes, including the Jeffery Jump, which provides express service to Downtown Chicago, as well as buses connecting to the CTA’s Orange Line and Metra’s Electric District and South Shore lines.
