Local Partnership Transitions 31-Unit Multifamily Building In Chicago For $4M

A 31-unit apartment building located at 4915 South Drexel Boulevard in Chicago's Kenwood neighborhood has been sold for $4,000,000. The property had not changed ownership in over 20 years and features a price per unit of $129,032.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,000,000
• Units: 31
• Address: 4915 South Drexel Boulevard
• Market: Chicago
• Broker: Brad Feldman - Interra Realty

The buyer is a local partnership completing a 1031 exchange, with plans to transition the building from market-rate to affordable housing. This decision aligns with the increased demand in the area, influenced by its proximity to the University of Chicago and various amenities.