Interra Realty, a Chicago-based commercial real estate investment services firm, brokered the sale of two multifamily properties on Chicago’s South Side: 5124-32 S. Kimbark Ave., a 44-unit condo deconversion in Hyde Park, and 7820 S. South Shore Drive, a 24-unit rental building in the city’s South Shore neighborhood.
5124-32 S. Kimbark Ave. – $8.71 million
Interra Managing Partner Lucas Fryman along with Interra Managing Partner Patrick Kennelly and Director Paul Waterloo represented both the private buyer and sellers in the deconversion sale of 5124-32 S. KimbarkAve., which sold for $8.71 million, or $198,000 per unit. In facilitating the transaction, Interra helped the building’s association navigate the deconversion process, through which condominiums are sold to a single buyer and converted to rentals.
The property’s 44 units, which include a mix of one-, two- and three-bedroom apartments, all feature granite countertops, exposed brick, in-unit laundry and individual HVAC. The buyer plans to make updates to the building’s common areas.
Less than a mile from Harold Washington Park, 5124-32 S. Kimbark Ave. is also near the 51st/53rd Street station along the Metra Electric District Line.
7820 S. South Shore Drive – $1.51 Million
Fryman, Kennelly and Waterloo also represented the private buyer and seller in the sale of 7820 S. South Shore Drive, which traded for $1.51 million, or $63,125 per unit.
“Since acquiring this property in 2019, the seller undertook a number of capital improvements—including replacing the roof and windows and addressing a foundation issue—which made this an attractive investment as a value-add opportunity requiring only in-unit updates,” said Fryman. “Leveraging Interra’s network, we were able to quickly source an out-of-state buyer that made a non-contingent offer so the deal could close quickly.”
Built in 1966, the property includes 19 one-bedroom apartments and five two-bedroom units. It is close to Rainbow Beach and Rainbow Beach Park, and just over a half-mile from the Windsor Park station along Metra’s Electric District Line.
