Chicago & Midwest + South Side + Apartments | April 26, 2023

Birk | Sklar Team Closes Sale of South Side Multifamily Trio

Kiser Group’s Birk | Sklar Team recently closed a transaction worth $8.65 million for three buildings located at 6625 S. Drexel, 4901 S. Michigan and 4725 S. Michigan in the East Woodlawn and Bronzeville neighborhoods on Chicago’s South Side.

The Birk | Sklar team has observed a significant increase in demand and popularity in these areas due to their proximity to Hyde Park and the development of the Obama Presidential Library.

“This was an exceptional opportunity to acquire some of the larger buildings in the area,” said Sklar. “Buildings of this size are extremely rare, and the current rents were approximately 30% below market rents. Additionally, the buyers have the ability to increase rents while the neighborhood continues to appreciate rapidly.”

According to Sklar, market trends indicate high rental growth and appreciation due to new developments, such as the Bronzeville Lakefront Mega Development, worth $3.8 billion, and the Obama Library.

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Inside The Story

Kiser Group's Birk | Sklar Team

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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