CRE Midwest

Kiser Group brokers nine property sales of apartment and mixed- use buildings

2215-N-Clifton
2215 N. Clifton

Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces nine Chicago-area property sales that closed in July and August 2014.

Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces nine Chicago-area property sales that closed in July and August 2014. The largest closing was a 206-unit, four-building portfolio in Chicago’s South Shore neighborhood. Other Chicago sales include a 24-unit multi-family building near DePaul University in Lincoln Park; two 19-unit mixed-use buildings: one in Logan Square and the other in Ravenswood Manor; three six-unit apartment buildings in Woodlawn; a six-unit apartment building in Washington Park; and an eight-unit apartment building in northwest Evanston, Ill.

Jeffery Portfolio – South Shore

Located at the intersection of 71st and Jeffery Boulevard in the South Shore neighborhood, this 206-unit portfolio, which includes 198 apartments and eight retail stores, sold for $7.05 million. It includes four vintage buildings: 1962 E. 71st Place (52 apartments and five retail stores), 7130 S. Jeffery (60 apartments and three retail spaces), 7147 S. Jeffery (38 apartments) and 7144 S. Jeffery (49 apartments and 41 parking spaces). The portfolio includes studios, one-, two- and three-bedroom units, and is professionally managed and maintained.

“These apartments offer 1920s character as well as modern living comforts since they were completely renovated in the early 1990s,” said Lee Kiser, principal of Kiser Group. He and Noah Birk, managing director of Kiser Group, represented the seller in the transaction.

“The location was also a key selling point as the buildings are located near neighborhood shopping and the Metra station,” said Sean Connelly, senior managing director of Kiser Group, who represented the buyer in the transaction. “Also, CTA bus lines directly in front of the buildings offer north-south or east-west travel.”

2215-23 N. Clifton – Lincoln Park

This 24-unit multi-family building at 2215-23 N. Clifton in Lincoln Park sold for $7,036,000. The three-story building in the heart of the DePaul University area consists of 20 one-bedroom units and four two-bedroom duplexes. All common areas of the building were remodeled in the last three years. The property includes 24 parking spots behind the building. “The was a rather unique transaction in that the building was owned by twenty-four (24) individual condominium owners who cooperated to sell the entire building to a single investor,” said Michael D’Agostino, managing director of Kiser Group, who represented the buyer, Laramar Group, in the sale.

3152 W. Diversey – Logan Square

This 19-unit mixed-use corner building at 3152 W. Diversey in the Logan Square neighborhood sold for $2.75 million. John Meyer, managing director of Kiser Group, represented the seller, Windy City Realty, and Kiser and Zack Hofstadter, associate, represented the buyer, Laramar Group, in the transaction.

4401 N. Mozart – Ravenswood Manor

This 19-unit vintage mixed-use building at 4401 N. Mozart in Ravenswood Manor includes 12 one-bedroom and four two-bedroom apartments, each with one bath, and three retail units. Recent upgrades were made to the kitchens and baths. The building is located three blocks from the CTA Brown Line ‘L’ stop at Francisco in a quiet residential community close to Horner Park, Sulzer Library and the Old Town School of Folk Music. It sold for $1.75 million.

“This sale offers a lot of upside as the rents are low for such a high-quality building in a highly desirable neighborhood,” said Mike Anguiano, senior managing director of Kiser Group. He and Brian Semel, senior managing director of Kiser Group, represented both the seller and buyer in the transaction.

1928 Jackson – Evanston

This eight-unit apartment building at 1928 Jackson in northwest Evanston, Ill., includes two three-bedroom, two-bath units, and six two-bedroom, one-bath units. It sold for $640,000. The fully-leased building has no deferred maintenance.

“This property provides the buyer with significant rent upside, and it closed at an attractive 8.5 percent cap rate,” said Kiser. He and Zack Hofstadter, associate of Kiser Group, represented both the seller and buyer in this transaction.

6430-32 S. Ellis – Woodlawn

This six-unit apartment building at 6430-32 S. Ellis is located just blocks from the University of Chicago and is made up of six two-bedroom, one-bath apartments. Most of the units have new kitchens and baths, as well as refinished hardwood floors. It sold for $295,000. Birk represented the seller and Hofstadter represented the buyer in the transaction.

6637 W. Woodlawn – Woodlawn

This six-unit apartment building at 6637 W. Woodlawn in the Woodlawn neighborhood sold for $215,000. It includes four three-bedroom and two two-bedroom units, and six parking spaces.

“This vacant building offers the buyer loads of potential,” said Bill Baumann, senior managing director. He and Birk represented both the seller and the buyer in the transaction.

6631 S. Woodlawn – Woodlawn

This six-unit apartment building at 6631 W. Woodlawn in the Woodlawn neighborhood sold for $205,000. It includes four two-bedroom and two three-bedroom units, each with one bath.

“This value-add building already has many updates because it was undergoing a condo conversion,” Baumann said. He and Birk represented both the seller and the buyer in the transaction. “The new owner can quickly finish rehabbing the property and make it cash-flow.”

5818-22 S. Michigan – Washington Park

This six-unit apartment building at 5818-22 S. Michigan in Chicago’s Washington Park neighborhood includes four three-bedroom, two-bath units and two two-bedroom, two-bath units. It also includes parking for six cars. This vacant property sold for $165,000. Baumann represented both buyer and seller in the sale.

All the names of buyers and sellers involved in these transactions are not available at this time.