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

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.