NOVO Properties Announces Sale of Chicago Property

Chicago, IL – October 2020

 

NOVO Properties (NOVO) has sold Chicago property 4400 S Drexel Blvd, a 46-unit apartment building, to 312 Properties, a Chicago based owner and developer. The official sale took place August 14, 2020, at a sales price of $3,650,000.

NOVO has owned and operated the property since 2007. The property is located on the south side in the Kenwood neighborhood, former home to President Barack Obama, located just South of Downtown and just North of the University of Chicago. “The neighborhood has steadily improved over the years; more development and new construction has been taking place,” said Jamie Glascott, NOVO’s Chicago Region Partner. The new owners plan a gut renovation of the property and will reposition it to attract young urban professionals who have been flocking to the area.

A deal was agreed to prior to the onset of the COVID-19 pandemic. While a brief delay, both parties were committed to the deal.

For more information about this sale, please contact NOVO Properties Chicago’s main office at (773) 808-2041 or visit the NOVO Properties website at www.LiveNovo.com.

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NOVO Properties is a multi-family owner, developer and property management company headquartered on Capitol Hill in Washington, DC. NOVO currently owns and manages a portfolio of approximately 2,000 apartment homes and development land throughout Washington, DC, Fairfax, Bethesda, Chicago, Charleston and Maryland’s Eastern Shore.