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Chicago & Midwest  + South Side  + Apartments  | 

Portfolio Trades for $18M in “Low-Velocity” Kenwood Market

Interra Realty brokered the $17.975-million sale of a six-building multifamily portfolio in the South Side’s Kenwood neighborhood. The portfolio includes 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 S. Ingleside Ave., 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. 

Interra’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented both the seller, Wolcott Group, and the undisclosed buyer. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline.

“On Chicago’s South Side, which remains attractive to investors, portfolios of this size and scale seldom change hands, especially in a low-velocity sales market like Kenwood,” said Goss. “Despite a termination in the early stages of the deal due to COVID-19 and the stay-at-home order, the buyer came back after seeing rent collections hold steady in subsequent months and paid the price originally negotiated prior to COVID.”

Pictured: 4001 S. Ellis Ave.
 
 


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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 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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