CHICAGO, IL – Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently closed a $4.85M transaction in the Uptown neighborhood of Chicago. The 41-unit property was brokered by Kiser Group’s Broker Ben Smith, Broker Associate Rick Ofman and Principal and Managing Broker Lee Kiser. Local private-investor Sandy Kahn purchased the 4866 N. Magnolia Ave. asset from a well-established local investor.
“We are happy with the outcome and are very proud to have been able to help our client accomplish their goals,” said Kiser Group’s Broker Ben Smith. “This deal was a team effort from start to finish where everyone played a key role throughout the process, ensuring a smooth transaction for the client.
“Within ten days we had twelve showings and received two offers at list price, with a third offer very close to list. Similar to our $11.5 million sale of 5536 N. Sheridan in June, the building went to the buyer with the strongest terms,” said Kiser Group’s Broker Associate Rick Ofman. “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.”
4866 N. Magnolia is a 1920s vintage corridor building with primarily studio apartments.