Interra Realty Brokers $12M Sale of Vintage Kenwood Apartment Building
Interra Realty brokered the $11.7 million sale of a 46-unit multifamily building at 4400 S. Drexel Blvd. in Chicago’s Kenwood neighborhood. The sale price equated to $254,347 per unit.
Interra Managing Partner Lucas Fryman represented the confidential buyer as well as the undisclosed seller, whom Interra represented during the initial 2020 acquisition. “This deal underscores private investors’ continued attraction to well-maintained affordable housing communities,” said Fryman.
The property was 91% occupied at the time of sale, and every resident holds a Housing Choice Voucher administered through the Chicago Housing Authority. Located close to dining and shopping options along 47th Street, 4400 S. Drexel is less than a mile from Oakwood Beach and Washington Park.
Built in 1924, the courtyard-style building features two-bedroom units, with some one-bedroom layouts. Recent renovations reconfigured floor plans to maximize livable square footage without increasing unit count. The property also received upgraded finishes, individual HVAC systems, dishwashers and in-unit laundry.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout