Yield Pro: Interra Realty arranges $3.65 million value-add multifamily sale in Chicago’s Kenwood Neighborhood
Interra Realty, a Chicago-based commercial real estate investment services firm, announced it arranged the $3.65 million sale of 4400 S. Drexel Blvd., a 46-unit rental community in Chicago’s Kenwood neighborhood. The price per unit was $79,000.
Managing Partners Ted Stratman and Lucas Fryman, together with Director Jeremy Morton, exclusively marketed the asset on behalf of the seller, Chicago-based NOVO Properties. In the first four weeks of marketing, the three brokers organized more than 15 tours and procured multiple competitive offers that resulted in a cash sale at list price. Stratman, Fryman, Morton and Director Brian DiBasilio also represented the undisclosed buyer, who plans to renovate the building, add in-unit laundry and combine some apartments to offer larger floor plans.
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