Interra Brokers Multifamily Deal in Chicago’s Kenwood Area
At $180,000, the price per unit is the highest paid for a property in this neighborhood in a decade.
4740-48 S. Greenwood Ave. Image courtesy of Interra Realty
Interra Realty Senior Managing Partner Joe Smazal and Associate Harrison Pinkus arranged a $5.6 million multifamily deal in Chicago’s Kenwood neighborhood. The rehabbed 31-unit asset sold for a per-unit price of $179,839, the highest for a single property in Kenwood paid in the last decade. The building was fully occupied at the time of closing.
The four-story property is located at 4740-48 S. Greenwood Ave., less than 1 mile east of Lake Michigan’s shoreline, having been completed in 1922. The vintage community provides one- and two-bedroom apartments featuring hardwood floors and upgraded kitchens with granite countertops. Laundry facilities are available on site.
The community is close to a Walmart store, Hyde Park’s retail and restaurant scene and provides access to several transportation options. The property is approximately 6 miles from downtown Chicago downtown and less than 2 miles from University of Chicago’s campus and Washington Park.
The historic area of Chicago’s Kenwood neighborhood has been drawing several out-of-town investors over the past years, due to its proximity to the South Loop and because of projects such as the Obama Presidential Center. Earlier this year, The Habitat Co. was tapped to manage BLV Capital’s affordable portfolio in Kenwood, which the company bought in 2018.
If you’d like to be featured in Brokers’ Corner, send your deal to [email protected].
