Updated Apr 7, 2025
Jeremy Bronfman Of Lincoln Avenue Communities Acquires Multifamily Complex In Chicago For $31M
4817 South Drexel Boulevard
$31,000,000
Units
136
Asset Type
MultiFamily
Closing
Apr 4, 2025
About this deal
AI
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.
On the Map
$31,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93