Interra Realty has brokered the $2.3 million sale of a 29-unit mid-rise apartment building in Chicago’s South Shore neighborhood. Jon Morgan and David Goss, along with Ted Stratman, Lucas Fryman and Jeremy Morton represented both parties in the transaction. Earlier this month, Morgan and Goss also facilitated the disposition of a 35-unit Chicago community.
Constructed in 1929, the South Shore property is located at 6811 S. Paxton Ave. The building had a 97 percent occupancy rate at the time of sale, while rent collections were 95 percent for both April and May. The unit mix comprises five studio, nine one-bedroom, 10 two-bedroom and five three-bedroom units. The new owner plans to renovate certain units that haven’t previously been upgraded.
The property is near several public transportation options, including the J14 Jeffrey Jump express bus route and the Bryn Mawr and South Shore stations along Metra’s Electric District Line. The surrounding area has several retail and dining options such as Jeffery Plaza, which is within walking distance.