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Kenwood Multifamily Sale Points to Continued Strong Demand
Interra Realty arranged the $3.65-million sale of 4400 S. Drexel Blvd., a 46-unit rental community in the South Side’s Kenwood neighborhood. The price per unit was $79,000.
Managing partners Ted Stratman and Lucas Fryman, together with director Jeremy Morton, marketed the asset on behalf of the seller, Chicago-based NOVO Properties. 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.”
He 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.
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- ◦Sale/Acquisition
