Interra Realty, a Chicago-based commercial real estate investment services firm, announced it arranged the $3.65 million sale of 4400 S. Drexel Blvd., a 46-unit rental community in Chicago’s Kenwood neighborhood. The price per unit was $79,000.
Managing Partners Ted Stratman and Lucas Fryman, together with Director Jeremy Morton, exclusively marketed the asset on behalf of the seller, Chicago-based NOVO Properties. In the first four weeks of marketing, the three brokers organized more than 15 tours and procured multiple competitive offers that resulted in a cash sale at list price. Stratman, Fryman, Morton and Director Brian DiBasilio also represented the undisclosed buyer, who plans to renovate the building, add in-unit laundry and combine some apartments to offer larger floor plans.
“The sale is indicative of continued strong demand for multifamily properties on the South Side of Chicago, especially in the Kenwood neighborhood,” said Stratman. “The value-add component here made the property especially attractive.”
Stratman added that 4400 S. Drexel was under contract prior to the COVID-19 pandemic; after a delay caused by the virus, both buyer and seller agreed to complete the deal with no change in price or terms.
Built in 1926, 4400 S. Drexel consists of 30 studios, 15 one-bedrooms and one two-bedroom unit. Together, they were 94 percent occupied at the time of closing.
The property is located near shops and restaurants as well as public transit, including several bus routes, the CTA Green and Red lines and Metra Electric District line. It is also less than a mile to Lake Shore Drive and the Lake Michigan shoreline.