Kenwood Multifamily Trades for Lofty Per-Unit Price
The brokerage firm states the property sold for $5.575 million, which calculates out to $179,839 per unit, which was the highest price per unit for a single property in Kenwood in the last 10 years, according to CoStar data.
CHICAGO—Locally-based Interra Realty reports it has brokered the sale of the four-story, 31-unit apartment complex at 4740-48 S. Greenwood Ave. in the Kenwood district for the highest per-unit price in a decade in that area.
The brokerage firm states the multifamily property sold for $5.575 million, which calculates out to $179,839 per unit, which was the highest price per unit for a single property in Kenwood in the last 10 years, according to CoStar data.
Interra Realty senior managing partner Joe Smazal represented the private seller in the transaction, while associate Harrison Pinkus represented the private buyer. The building’s apartments were fully occupied at the time of closing.
Built in 1922, 4740-48 S. Greenwood offers 12 one-bedroom and 19 two-bedroom apartments, each with one bath. Residences feature hardwood flooring and updated kitchens with granite countertops and stainless-steel appliances. Other on-site amenities include laundry facilities and a large courtyard.
“Investors are actively seeking deals in Kenwood and other fast-growing submarkets on Chicago’s South Side,” Smazal says. “This gut-rehabbed building with modern finishes and vintage charm is a rarely available asset situated in a historic area of Kenwood surrounded by mansions with large, deep lots.”
He adds that Interra Realty procured multiple written offers and closed the deal “at a price that reflects the desirability of investments in this neighborhood.”
“With several large-scale mixed-use developments planned nearby in the South Loop, and transformative projects like the Obama Presidential Center to the south, Kenwood is among the neighborhoods that will see continued investment,” Smazal notes.