April 16, 2020
Interra Realty brokered the sale of 4119 S. Ellis Ave., a 23-unit apartment building in the South Side’s Kenwood neighborhood, for approximately $2.7 million, or $117,391 per unit. The firm’s Jon Morgan, David Goss, Ted Stratman and Lucas Fryman represented both the private seller and buyer.
“We identified an out-of-state buyer that has a long-term vision for building a critical mass of apartment buildings in this area,” said Fryman. “Although the deal was in the works well before COVID-19, the buyer faced considerable headwinds as a result of the pandemic that affected the original financing terms. Ultimately, they stayed true to their investment strategy and were able to close the deal.”
Built in 1903, 4119 S. Ellis is a three-story brick building that includes four two-bedroom, 11 three-bedroom and eight four-bedroom units. The building was 95% occupied at the time of sale.
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Tags: Apartments & Multifamily, Broker, Sale
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