CHICAGO – Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered a 36-unit Ravenswood Portfolio for $4,500,000. The properties are located at 4855 N Hermitage, 4544 N Wolcott and 4616 N Wolcott in the Ravenswood neighborhood of Chicago. Kiser Group’s Rick Ofman represented the buyer, LakePointe Apartments, and Lee Kiser and Danny Logarakis represented the seller.
All three buildings are 1960s construction and value-add opportunities. 4855 N Hermitage has 10 units, 4544 N Wolcott has 11 units and 4616 N Wolcott has 15 units.
“Between the location and opportunity, I knew this would be a great value-add play for the buyer, whose past developments have been largely in Uptown,” said Rick Ofman. “When these buildings are finished, they will be outstanding to live in.”
“With nearly 30 showings and nine offers, there was strong investor interest for this portfolio. The price-per-door may seem low for multifamily properties in Ravenswood because these buildings are prime value-add opportunities with all units needing to be updated,” said Danny Logarakis.