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August 21, 2020 Comments Off on Portfolio Trades for $18M in “Low-Velocity” Kenwood Market Views: 581 Chicago News, South Side

Portfolio Trades for $18M in “Low-Velocity” Kenwood Market

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Interra Realty brokered the $17.975-million sale of a six-building multifamily portfolio in the South Side’s Kenwood neighborhood. The portfolio includes 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 S. Ingleside Ave., 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. 

Interra’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented both the seller, Wolcott Group, and the undisclosed buyer. The buyer plans to upgrade units as they turn over and lease additional units that were previously offline.

“On Chicago’s South Side, which remains attractive to investors, portfolios of this size and scale seldom change hands, especially in a low-velocity sales market like Kenwood,” said Goss. “Despite a termination in the early stages of the deal due to COVID-19 and the stay-at-home order, the buyer came back after seeing rent collections hold steady in subsequent months and paid the price originally negotiated prior to COVID.”

Pictured: 4001 S. Ellis Ave.
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