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Jeremy Bronfman Of Lincoln Avenue Communities Acquires Multifamily Complex In Chicago For $31M

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SOLD
$31,000,000

Illinois

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MultiFamily
Sold 04/04/2025
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Property Image
SOLD

Jeremy Bronfman Of Lincoln Avenue Communities Acquires Multifamily Complex In Chicago For $31M

4817 South Drexel Boulevard

See Similar Deals
MultiFamily
Sold 04/04/2025
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

The multifamily asset located at 4817 South Drexel Boulevard in Chicago features 136 units and was sold for $31,000,000. The property is recognized as a Section 8 housing complex, reflecting its suitable affordability standards in the real estate market.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $31,000,000
  • Address: 4817 South Drexel Boulevard
  • Market: Chicago
  • Units: 136
  • Price Per Unit: $227,941
  • Buyer: Jeremy Bronfman - Lincoln Avenue Communities
  • Seller: Stuart Handler - TLC Management
  • Broker: Andrew Daitch - Newmark

Jeremy Bronfman, representing Lincoln Avenue Communities, has acquired the property from Stuart Handler, who represents TLC Management. The property had previously been purchased by the seller for $10.6 million in 2007, showcasing a significant appreciation in value over the years.

Players

Andrew (Andy) Daitch
Newmark
Andrew Daitch
1 deal$31M volume(248) 415-2637
BROKER
TM
TLC Management
SELLER

Details

SOLD
IMAGE: Stuart Handler, Andrew Daitch & Jeremy Bronfman DATE: 04/04/2025 ADDRESS: 4817 South Drexel Boulevard MARKET: Chicago ASSET TYPE: Multifamily BUYER: Jeremy Bronfman - Lincoln Avenue Communities SELLER: Stuart Handler - TLC Management BROKER: Andrew Daitch - Newmark (@Newmark) SALE PRICE: $31,000,000 UNITS: 136 ~ PPU: $227,941 NOTE: Lincoln Avenue Communities acquired the 136-unit Section 8 housing complex at 4817 S. Drexel Blvd. in Kenwood for $31 million. Newmark’s Andrew Daitch represented the seller, TLC Management, which had purchased the property for $10.6 million in 2007.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79