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

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SOLD
$4,000,000

Illinois

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MultiFamily
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SOLD

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

4915 South Drexel Boulevard

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MultiFamily
Sold
the dealplayerscompscontact
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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:

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.

Players

Brad Feldman
Interra Realty
Brad Feldman
36 deals$282.9M volume
BROKER

Details

SOLD
IMAGE: Brad Feldman DATE: 10/10/2024 ADDRESS: 4915 South Drexel Boulevard MARKET: Chicago ASSET TYPE: Multifamily BROKER: Brad Feldman (@BsFeldman) - Interra Realty (@InterraRealty) SALE PRICE: $4,000,000 UNITS: 31 ~ PPU: $129,032 NOTE: Interra Realty brokered the sale of a 31-unit apartment building at 4915 S. Drexel Boulevard in Chicago's Kenwood neighborhood, marking the first time the property changed ownership in over 20 years. The buyer, a local partnership completing a 1031 exchange, plans to transition the building from market-rate to affordable housing, reflecting strong demand in the area driven by proximity to the University of Chicago and amenities.

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