Interra Realty 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.
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.
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.
