Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the sale of 4740-48 S. Greenwood Ave., a four-story, 31-unit rental community in Chicago’s Kenwood neighborhood. The asset sold for $5.575 million, or $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 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.
“Investors are actively seeking deals in Kenwood and other fast-growing submarkets on Chicago’s South Side,” said Smazal. “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. We procured multiple written offers and closed the deal at a price that reflects the desirability of investments in this neighborhood.”
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.
“Well-maintained and professionally managed, the property offered buyers a stabilized property in an ideal location near the University of Chicago and public transportation,” added Smazal. “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.”
Residents of 4740-48 S. Greenwood are within walking distance of Hyde Park’s trendy retail stores and restaurants, as well as the Lake Michigan shoreline and the 47th Street Metra stop. The property also offers convenient access to Lake Shore Drive and an express CTA bus route for a quick commute to downtown Chicago.