CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $11.7 million sale of a 46-unit multifamily building at 4400 S. Drexel Blvd. in Chicago’s Kenwood neighborhood. The sale price equated to $254,347 per unit.
Interra Managing Partner Lucas Fryman represented the confidential buyer as well as the undisclosed seller, whom Interra represented during the initial 2020 acquisition. The property was 91% occupied at the time of sale and every resident holds a Housing Choice Voucher administered through the Chicago Housing Authority.
“This deal underscores private investors’ continued attraction to well-maintained affordable housing communities,” said Fryman. “Steady occupancy and predictable revenue make assets like these a reliable addition to any portfolio.”
Built in 1924, the courtyard-style building predominantly features two-bedroom units, with some one-bedroom layouts. Recent renovations reconfigured floor plans to maximize livable square footage without increasing unit count. Residences also received upgraded finishes, individual HVAC systems, dishwashers and in-unit laundry. Other improvements include widened hallways, new interior stairwells and modernized MEP systems.
“Amid significant market uncertainty in 2020, Interra guided the sale of 4400 S. Drexel when it was outdated and in need of meaningful upgrades,” Fryman said. “After its successful repositioning, we were entrusted again to bring the asset to market, demonstrating both client confidence and the enduring demand for well-maintained affordable housing in Chicago.”
Located close to dining and shopping options along 47th Street, 4400 S. Drexel is less than a mile from Oakwood Beach and Washington Park. The area is served by the CTA’s 47th Street Green Line station and multiple bus routes.
About Interra Realty: Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $2 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds. For more information, visit www.interrarealty.com