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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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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 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).

  • ◦Sale/Acquisition