Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the $1.5 million sale of 4520 S. Vincennes Ave., an 18-unit apartment community in Chicago’s Bronzeville neighborhood. The price was $83,000 per unit.
Managing Partner Lucas Fryman, co-founders and Managing Principals David Goss and Jon Morgan, and Associate Sam Gutierrez represented the private seller and confidential buyer. The seller had owned the building since 1991, originally redeveloping the building using low-income housing tax credits. The buyer plans to modernize units as they turn over.
“Bronzeville has become one of the most desirable submarkets in Chicago because of its rich cultural history, proximity to downtown and the lakefront, and several large-scale developments that are expected to catalyze investment in the area,” said Fryman. “We were able to successfully market the building to a wide range of prospects, creating a competitive bidding scenario with multiple rounds of negotiations, all without a formal asking price. In addition, Interra’s demonstrated experience selling properties with affordability restrictions helped interested buyers understand the nuances involved with the assumption of regulatory agreements. The transaction also required approval from the Illinois Housing Development Authority.”
Built in 1891, 4520 S. Vincennes has six two-bedroom, nine three-bedroom and three four-bedroom apartments, all of which were occupied at the time of sale. A portion of the units is reserved for tenants whose income is 50 percent Area Median Income (AMI) or less, while the other portion of units is reserved for tenants whose income was 60 percent AMI or less. The affordability component runs through the end of 2022.
Located about 5 miles south of downtown Chicago, the property offers easy access to the Loop via the Dan Ryan Expressway, Lake Shore Drive, the Green Line or nearby CTA bus routes. The property also offers proximity to retail and restaurants along 47th Street, the Harold Washington Cultural Center, Illinois Institute of Technology, Illinois College of Optometry, University of Chicago, Museum of Science and Industry, and Guaranteed Rate Field.
