A four-building multifamily portfolio in Chicago’s South Shore neighborhood has sold for $9.5 million to an out-of-state buyer.
SVN | Chicago Commercial‘s Jeff Baasch represented the seller, Drexel Properties, in the transaction. The buildings are located at 6715 S Paxton, 6755 S Paxton, 6701 S Merrill, and 6920 S Ogelsby, and were said to be well occupied at the time of sale. The buyer plans to complete a major renovation of the buildings.
“With the renewed buyer interest in this South Shore neighborhood, and the market recognizing the potential of our portfolio that we assembled, we felt this was the right time to sell the portfolio which will allow us to continue to focus on new development opportunities and investment projects,” Jeff Weinberg of Drexel Properties, said.