Multifamily N Illinois

Englewood apartment building seeks $20M, anticipates opportunity zone interest

Englewood apartment building seeks 20M, anticipates opportunity zone intere,ph01

Chicago-based multifamily brokerage firm Kiser Group brought the New Englewood Terrace Apartments property to market. The 304-unit, 23-story building is listed for $20,750,000 and represented by Kiser Group’s partner, Noah Birk, and director, Aaron Sklar. Located at 6425 S Lowe Avenue in Chicago, the property is being marketed as a value-add investment opportunity.

“This is a rare opportunity to acquire over 300 units in an opportunity zone,” said Birk. “We are anticipating national investor interest, particularly from opportunity zone funds, for this value-add opportunity.”

New Englewood Terrace Apartments features 60 one-bedroom units, 124 two-bedroom units, 80 three-bedroom units, 17 two-bedroom townhomes and six three-bedroom townhomes. The property was originally built in 1967 and renovated in 2010. The stabilized asset features rents from $625 to $1,050 per month.

“Englewood is a rapidly growing and developing neighborhood,” said Sklar. “New Englewood Terrace is within walking distance of Whole Foods, Starbucks, Chipotle, Kennedy-King College and the CTA Green and Red lines.”

The retail center Englewood Square, which recently won a ULI Chicago 2018 Vision Award, is a $20 million, 5.5-acre real estate development that is bringing jobs and higher quality goods and services to the area and is located just northwest of New Englewood Terrace Apartments across from the Kennedy-King campus. The property is also within one mile of the city of Chicago’s new Fleet and Facility Management headquarters.