By Roxana Baiceanu
Kiser Group negotiated a $4.9 million transaction in Uptown Chicago for a value-add community. The 41-unit building was bought by Sandy Kahn from a local investor and is one of several vintage properties that changed hands in the area within the past months.
Kiser Group’s Ben Smith, Broker Associate Rick Ofman and Principal & Managing Broker Lee Kiser closed the deal.
“I believe the surge of multifamily investment in Uptown and Edgewater is due to a combination of the city’s recent investment in the area and tenants moving north of Iriving Park Road in search of more affordable rents,” Ofman said in a prepared statement.
The asset, located at 4866 N. Magnolia Ave., is a 1920s vintage corridor building encompassing mostly studio apartments. Montrose Beach and Lake Michigan, St. Augustine College and a variety of retail businesses are within walking distance. Residents can reach downtown Chicago and other neighborhoods via several transit options available nearby. The two main city airports, the O’Hare International and Midway International, are approximately half an hour away.