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Chicago & Midwest  + South Side  + Apartments  | 

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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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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