[[{“value”:”
Interra Realty has brokered the $11.7 million trade of a vintage courtyard-style apartment building in Chicago’s Kenwood neighborhood, underscoring continued investor interest in stabilized, voucher-backed multifamily assets. The 46-unit property, located at 4400 S. Drexel Blvd., sold for the equivalent of $254,347 per unit.
Interra Managing Partner Lucas Fryman represented both sides of the transaction, acting on behalf of a confidential buyer and an undisclosed seller. Interra also represented the seller when the property was last acquired in 2020, reflecting a repeat advisory role on the asset.
The building was reported to be 91% occupied at the time of sale. Every resident at the property utilizes a Housing Choice Voucher administered through the Chicago Housing Authority, providing a fully voucher-backed rent roll for the new owner. Fryman noted that the deal highlights private investors’ ongoing appetite for well-maintained affordable housing communities.
Originally constructed in 1924, the property is configured as a classic courtyard-style multifamily building. The unit mix is primarily two-bedroom apartments, with some one-bedroom layouts also included. Recent renovations focused on reconfiguring floor plans to maximize usable living space without changing the total unit count.
Capital improvements at the property include upgraded interior finishes, installation of individual HVAC systems, and the addition of dishwashers and in-unit laundry, enhancing the building’s appeal while maintaining its affordability profile. These upgrades position the asset as a renovated, income-restricted community within an established neighborhood.
The building sits near dining and shopping options along 47th Street and is less than a mile from both Oakwood Beach and Washington Park, providing residents with recreational access and neighborhood amenities. Its location within Kenwood offers proximity to key South Side destinations while maintaining a primarily residential setting.
The transaction adds to the volume of investment sales in Chicago’s multifamily sector, particularly within the affordable and voucher-supported segment. With strong occupancy, recent renovations, and full Housing Choice Voucher participation, the Kenwood asset illustrates how stabilized, upgraded vintage housing can continue to attract private capital in the current market.
Separately, the Connect Midwest Multifamily Trends Conference is scheduled for Tuesday afternoon, June 2, 2026, where JDL Founder Jim Leitchinger will receive the Changing Skyline Award, followed by a keynote interview focused on regional multifamily development themes.
The post Interra Realty Brokers $11.7M Sale of Voucher-Backed Kenwood Apartment Building in Chicago appeared first on CRE Market Beat.
“}]]
