Steven Rapoport, CCIM, sold the 15-unit apartment building at 7022 S. Perry Ave. in Chicago’s Greater Grand Crossing neighborhood.
The building sold above asking after drawing multiple offers. That result was by design, not luck. CRER built the strategy at every step, from pricing and marketing through negotiation and closing.
It started with the price. The seller, a long-time client, trusted Steven’s read on the market and agreed to price the building where buyers would compete for it. That decision set up everything that followed.
It’s also less common than you’d think. Steven started as an appraiser in 2008, and he prices buildings the way buyers and lenders see them. For many owners, that number doesn’t match what they expect. Economists call this the endowment effect: people value something more simply because they own it. It’s human nature. But owners who price above the market usually end up chasing it down with price cuts, while the building goes stale. Owners who price it right, like this seller did, get offers.
One renovated unit showed 45% rent upside, but capturing it across the building takes real capital and construction experience. CRER walked the seller through both paths, sell now or renovate and hold, and he chose to sell.
CRER’s marketing was built to show buyers that the asking price was fair on day one, with upside for anyone willing to do the work. The package gave them everything: rent roll, real operating expenses, taxes, loss to lease, current and pro forma cash flow, and the comps that support the price. Buyers who can underwrite a deal in an afternoon make offers. That’s what starts a bidding war and keeps the seller negotiating from a position of strength from listing to closing.
South Side apartment sales are at a five-year low: about 1,600 units traded last year, against an average of 2,800. Buyers have capital and few good options. A building priced right doesn’t just sell. It gets fought over.
CRER continues to serve Chicago’s multifamily market with a proven track record of maximizing value for apartment sellers and finding the right opportunities for buyers. Recent notable closings include:
Thinking about selling? Let’s start with an honest number. Reach out to Steven Rapoport, CCIM, at StevenR@crer.com or 773.327.9300 for a confidential opinion of value.
