CRE Midwest

Kiser Group brokers five multifamily property sales

Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has announced five Chicago-area property sales valued at more than $12.5 million closed since the start of 2015.

Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, has announced five Chicago-area property sales valued at more than $12.5 million closed since the start of 2015. The Chicago sales include two in Albany Park: a portfolio of recently constructed six-flats containing 39 units along Montrose Avenue, and an 18-unit apartment building at the corner of Troy and Argyle streets. Other city sales include a five-unit mixed-use building in Lakeview; and two South Shore apartment buildings, one with 19 units and the other with 11 units.

3634-48 and 3637-47 W. Montrose – Albany Park

Built in 2011, these six-flat buildings totaled 39 units, each offering two bedrooms and two bathrooms with plenty of windows and a gas fireplace. They include hardwood floors, kitchens with quartz countertops, stainless steel appliances, and in-unit washer and dryer. Master bedrooms have a private bath, separate shower, and double vanity sink. Garage parking is included. Each building includes a rooftop deck. The multi-building portfolio sold for $8,295,000.

Bill Baumann and Mike Anguiano, both senior managing directors of Kiser Group, represented the buyer and the seller.

3000-3002 N. Sheffield - Lakeview

Located at Sheffield and Wellington Avenues, this five-unit mixed-use property in Chicago's Lakeview neighborhood includes two one-bedroom units and one two-bedroom apartment, each with one bath. Studio Within, a salon and spa, and Panes, a restaurant tenant since 1994, occupy the two street-level retail spaces. The apartments have been renovated, yet still feature vintage architectural details from the original 1898 construction. Each unit also has outdoor space, and tenants pay all utilities. It sold for $1.7 million.

“The buyer acquired a renovated, stabilized property with established, long-term commercial tenants in the popular Lakeview neighborhood,” said Lee Kiser, principal of Kiser Group, the listing broker. “The property also attracts renters as it is just steps from the Brown Line ‘L’ Stop, and the retail and restaurant tenants benefit from all the commuters passing by.”

4957 N. Troy – Albany Park

Located at Troy and Argyle streets in Albany Park, this vintage walk-up building includes 18 fully occupied one-bedroom, one-bath apartments. Recent improvements include a new roof, windows and porches. Rents average $650. It sold for $1.55 million.

“4957 N. Troy maintains high occupancy levels as it is two blocks to a CTA bus stop and less than half a mile from the Kedzie Brown Line ‘L’ stop,” said Anguiano, who represented the seller.

Jeff Shandling, managing director of Kiser Group, and Brian Semel, senior managing director, represented the buyer.

7234 S. Coles – South Shore

7234 S. Coles is a 19-unit apartment building with updated units consisting of six two-bedroom and 13 one-bedroom apartments, each with one bath. Units feature hardwood floors throughout and newer kitchens and bathrooms. Building updates include: new roof, porches, windows, and boiler. It sold for $725,000.

“The stable, long-term owner had kept 7234 S. Coles well-maintained,” said Noah Birk, managing director of Kiser Group, who represented the buyer and seller in the sale. “The location a few blocks from Lake Michigan and South Shore Golf Course.”

8000 S. Luella – South Shore

Located on a quiet, residential block in the South Shore neighborhood, 8000 S. Luella is an 11-unit apartment building that includes eight one-bedroom, one-bath units, and three two-bedroom, two-bath units. Recent upgrades include new windows, boiler and porches. All units have also been remodeled. It sold for $315,000.

“This stabilized property offers a lot of upside in cash flow,” said Birk. He and Michael D’Agostino, managing director of Kiser Group, represented both the buyer and seller in the transaction. “Because of long-term ownership, rents are significantly below current market levels.”

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