Interra Realty Arranges $27M Chicago Multifamily Sale
- Feb 07, 2020
Interra Realty has closed the sale of Vesta Lofts, a 59-unit community in Chicago’s South Loop. A private investor paid $27 million for the asset. Time Equities was the seller, according to Yardi Matrix. In addition to the building, the transaction included an adjacent, 19,373-square-foot parking lot.
The team representing both parties in the transaction included Interra’s Managing Partner Lucas Fryman, Senior Managing Partner Joe Smazal, as well as Managing Principals David Goss and Jon Morgan.
Located at 125 E. 21st St., at the junction with South Indiana Avenue, the property was built in 1913 and previously served as the home for Vesta Battery Co. In 2013, the current seller converted the four-story structure into a residential community, according to Yardi Matrix. The building features 7,615 square feet of street-level retail space and has studio, one-, two- and three-bedroom floorplans.
In December, Interra Realty also brokered the $5.6 million sale of a 31-unit community in Chicago’s Kenwood neighborhood.