Renovated Apartments Trade in Kenwood
Interra Realty brokered the $4.55-million sale of 5001 S. Drexel Blvd., a 33-unit renovated apartment building in Kenwood. The per-unit price was $137,878, among the highest in the submarket in recent years.
Managing partner Ted Stratman and director Jeremy Morton represented the seller, a local real estate investment group that works often with Stratman and engaged him to sell the property off-market. Stratman and Morton also represented the buyer, a New York-based family office.
“We continue to see the demand for sizable apartment buildings on Chicago’s South Side, especially in the Kenwood and Hyde Park neighborhoods,” said Stratman. “The seller has owned and renovated hundreds of South Side buildings over the years and is an experienced renovator, as buyers saw when they toured the property. The buyer purchased the building due to the ideal unit mix and location, as well as the nearly 100% rent collection since the pandemic began.”
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- ◦Sale/Acquisition
