CHICAGO, IL – Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered the $10,850,000 sale of 152 units known as Victorian Apartments at 800-834 Victoria Drive in Montgomery, Illinois. Senior Director John Meyer represented both parties in the transaction. A Chicago based investor in a 1031 exchange purchased the 1970’s era property from a private owner based in the northwest suburbs.
“The property’s in great shape physically. In the last 15 years, the seller invested heavily in capital improvements like pitching formerly flat roofs, building new brick vestibules and installing new siding,” said John Meyer. “Where it needs a little help, is with operations. I anticipate the new owner creating value for the property within 12 months after a re-positioning and re-branding campaign.”
Located one hour west of downtown Chicago, Montgomery currently has a residential population of 19,000, a 300 percent increase since the year 2000. Easily accessible via Interstate 88, Montgomery is conveniently located near Naperville and Aurora.