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.