Chicago-based mid-market multifamily brokerage Kiser Group recently brokered a four-building portfolio and three other multifamily buildings on Chicago’s south side. With the second quarter closed, senior director Noah Birk and director Aaron Sklar have 30 buildings either sold or under contract throughout south side neighborhoods.
“The values of apartment buildings on the south side have appreciated rapidly, and sale velocity is not slowing down,” said Birk. “Looking at sale data of the nearly 80 south side apartment buildings we’ve sold in the last 18 months, we’re seeing a significant trend of out-of-state investors being attracted to this market.”
Birk and Sklar represented local real estate developer Foreit Properties in the $1,650,000 sale of a 32-unit South Side portfolio. The collection of properties are located at the border of the South Shore and South Chicago neighborhoods: 7754 S. Colfax Avenue, 7830 S. Essex Avenue, 8109 S. Colfax Avenue and 8121 S. Colfax Avenue.
In the Woodlawn neighborhood, Birk and Sklar represented both the buyer, Chicago Shore Fund, and seller, Ash Realty, in a 13-unit building located at 6500-02 S. Cottage Grove Avenue, which sold for $420,000. The team represented Ash Realty in another sale, a 6-unit Englewood building located at 7250 S. Yale, which sold for $260,000. They also negotiated both sides of a $489,500 sale between a local developer and the buyer, Nicki Enterprises, for another 6-unit building located at 5728-30 S. Indiana Avenue.
“Activity on the south side keeps increasing—both on touring properties and the amount of offers we receive,” Sklar said. “Ultimately, the increase in demand continues to boost prices while still providing attractive opportunities for all parties involved.”