A California investor purchased a 22-unit apartment building at 7001 S. Chappel Ave. in the South Shore neighborhood for $2.5 million, which may be the largest per-unit price of any South Shore apartment.
The Kiser Group, a mid-market multifamily brokerage firm, arranged the deal. Senior director Noah Birk and director Aaron Sklar led the Kiser team.
“At $113,000 per unit, this is the highest price per unit by a decent margin we’ve seen in South Shore,” Birk said.
“In the deals we’ve recently been involved in, there has been an uptick in out-of-state investor interest,” Sklar said. “Not only is the cost of entry lower than neighboring areas on the North Side, returns seen on the South Side are nearly double.”
The site is one block east of Jeffrey Avenue, and two blocks from the Metra Electric’s Bryn Mawr station.