Wolcott Group Divests of Six-Building Apartment Portfolio in Chicago’s Kenwood Neighborhood for $17.9M
CHICAGO — Wolcott Group has completed the sale of a six-building multifamily portfolio in Chicago’s Kenwood neighborhood. An undisclosed buyer acquired the portfolio for $17.9 million, or $88,112 per unit.
Comprising 204 units, the properties are located at 4001 S. Ellis Ave., 4433 S. Greenwood Ave., 4737 and 4746 S. Ingleside Ave., 4500 S. Drexel Blvd. and 811 E. 46th St. The portfolio also includes some affordable housing communities whose apartments are reserved for households that meet eligibility requirements.
The buyer plans to upgrade units as they turn over and lease additional units that were previously offline.
Chicago-based Interra Realty’s David Goss, Jon Morgan, Ted Stratman and Lucas Fryman represented the seller and buyer in the transaction.