Interra Realty Brokers $1.3M Sale of 13-Unit Apartment Building on Springfield Avenue in Chicago’s Lawndale Neighborhood

332
Springfield Avenue
Built in 1923, 1858 S. Springfield went through a complete gut renovation in 2022, including new roofing, porches and windows.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.3 million sale of a 13-unit garden-style apartment building at 1858 S. Springfield Avenue in Chicago’s Lawndale neighborhood. The price per unit was $105,000.

Interra Managing Partner Lucas Fryman represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. The seller, Brilliant Future LLC, was represented by Interra Managing Partner Ted Stratman.

The unit mix includes nine two-bedroom and four three-bedroom apartments, which were also upgraded but had not yet been leased. An empty side lot will be used for secure on-site parking. 1858 S. Springfield Avenue is approximately two blocks from the Pulaski Pink Line station and close to multiple CTA bus routes.

“We were able to procure multiple offers within three weeks and ultimately sold the property for near list price, which equates to a leading price per unit for the Lawndale area and reflects an active investor market,” said Stratman. “By buying the building vacant, the new owner can make additional upgrades, manage the entire lease-up and raise rents to market rate.”

Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.