“We continue to see the demand for sizable apartment buildings on Chicago’s South Side, especially in the Kenwood and Hyde Park neighborhoods,” said Stratman. “The seller has owned and renovated hundreds of South Side buildings over the years and is an experienced renovator, as buyers saw when they toured the property. The buyer purchased the building due to the ideal unit mix and location, as well as the nearly 100 percent rent collection since the pandemic began.”

Most recently renovated in 2019, 5001 S. Drexel includes a mix of one-, two-, three- and four-bedroom apartments. The seller purchased the building as a distressed property and significantly updated the units with new kitchens, bathrooms and windows and added a laundry room. The building was 97 percent occupied at the time of sale.

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