The sale of the 80-unit property marks the highest price per unit—$144,000—for a four plus one asset north of Irving Park Road.
The Kiser Group has brokered another multifamily deal in Chicago’s Edgewater neighborhood. The property comprises 80 units and sold for $11.5 million. The price per unit reached $144,000, the highest for a four plus one asset north of Irving Park Road. The buyer was an affiliate of Horizon Realty Holdings. Kiser Group’s Principal and Managing Broker Lee Kiser and Associate Michael Feldstein represented the seller, a local family partnership.
EDGEWATER PROPERTIES IN DEMAND
Located at 5536 N. Sheridan Road, the community is minutes from Lake Michigan and approximately 30 minutes from Downtown via public transportation.
“Edgewater is an exciting neighborhood to live in, and millennials are taking notice. Through several municipal projects and lavish new apartment projects, renters are flocking north of Foster Avenue. Most notably are the extensive public transportation upgrades to several Red Line stops in Edgewater, connecting the quiet neighborhood to the downtown Loop in less than 30 minutes. This has led to an easy transition for renters that have been ‘priced out’ of other Northside neighborhoods, such as Lakeview and Lincoln Park,” said Feldstein in a prepared statement.