L.A. Investor Makes Ninth South Side Acquisition
A 44-unit apartment building at 4611 S. Drexel Blvd. in the Kenwood neighborhood of Chicago’s South Side has sold. Jeff Baasch, SVP of SVN Chicago Commercial, brokered the sale.
The property sold to ShainRealty Capital, a Los Angeles-based, privately-owned real estate investment firm, for $4,900,000. The seller was a court-appointed receiver, according to published reports.
Jonathan Shainberg, managing partner of ShainRealty Capital, said, “This acquisition marks our ninth purchase in the South Side of Chicago. We are strong believers in the affordable housing space, especially deals with a good amount of upside and value-add left on the bone.”
According to Baasch, “We received multiple offers on the opportunity which is reflective of the strong demand for multifamily properties. Multifamily has remained fairly resilient despite the challenges presented by current market uncertainty.”