Kiser Group’s Birk | Sklar team recently closed a transaction worth $8.65 million for three buildings located at 6625 S. Drexel, 4901 S. Michigan and 4725 S. Michigan in the East Woodlawn and Bronzeville neighborhoods. The Birk | Sklar team has observed a significant increase in demand and popularity in these areas due to their proximity to Hyde Park and the development of the Obama Presidential Library.
All three buildings (6625 S. Drexel, 22 units; 4901 S. Michigan, 20 units; and 4725 S. Michigan, 28 units) boast a desirable unit mix. They feature open floor plans, updated kitchens and bathrooms throughout, and some units with hardwood flooring. Furthermore, 4725 S. Michigan has a gated parking lot along with an updated elevator, which provides tenants with an extra measure of security and a sought-after amenity.
Market trends indicate high rental growth and appreciation due to new developments, such as the Bronzeville Lakefront Mega Development, worth $3.8 billion, and the Obama Library, according to Sklar.
