Interra Realty brokered the $5.925 million sale of a five-building, 67-unit multifamily portfolio comprising 359 E. 55th Place and 6043, 6152, 6201 and 6235 S. King Drive, along with a vacant lot at 6131 S. King Drive, all in Chicago’s Washington Park neighborhood. The price per unit was $88,432.
Interra Managing Partner Ted Stratman, Senior Managing Partner Brad Feldman and Director Jeremy Morton represented the seller, GR82B Properties LLC, as well as the confidential buyer. Interra ran a proactive marketing campaign, conducting more than 10 property tours and attracting multiple offers, before ultimately garnering one of the higher prices per unit for a portfolio of this size and location.
Developed in the late 1890s to the early 1900s, the buildings include five one-bedroom units, 40 two-bedrooms, 20 three-bedrooms and two four-bedrooms. All were gut-rehabbed with newer kitchens and bathrooms, and two of the buildings, which were originally renovated for sale as condos, also include in-unit laundry. Together, the buildings were 92% occupied at the time of sale.
The properties are near the 380-acre Washington Park, which was designed by Frederick Law Olmstead and is home to a pool, baseball diamond and other recreational amenities as well as the DuSable Museum of African American History. The properties are all within blocks of the CTA Green Line, served by multiple buses and offer quick access to the Dan Ryan Expressway or DuSable Lake Shore Drive. They also are minutes to the University of Chicago, Museum of Science and Industry and Lake Michigan.
