07.27.18
Multi-Housing News: Kiser Group Brokers South Chicago Multifamily Sales
Kiser Group has recently brokered several multifamily community sales throughout South Side Chicago. The transactions, which included a four-building portfolio and three other multifamily buildings, totaled to $2.8 million. Senior Director Noah Birk and Director Aaron Sklar represented either the seller, or both the seller and the buyer in the deals.
In the portfolio transaction, Birk and Sklar represented the seller, local real estate developer Foreit Properties. The asset, which includes 32 units across four buildings, sold for $1.7 million. The collection of properties are located at the border of South Shore and South Chicago neighborhoods, as follows:
- 7754 S. Colfax Ave.
- 7830 S. Essex Ave.
- 8109 S. Colfax Ave.
- 8121 S. Colfax Ave.
ATTRACTIVE MARKET
In the sale of the six-unit community on 5728-30 S. Indiana Ave., the broker duo represented both buyer Nicki Enterprises and the seller. Comprising 1,345-square-foot three-bedroom units, the asset traded for $489,500, which means roughly $81,000 per unit. The property is within walking distance of Washington Park and very close to interstates 90 and 94 as well as public transportation means.
Chicago Shore Fund acquired from Ash Realty a 13-unit community located at 6500 S. Cottage Grove Ave., in the Woodlawn neighborhood. The brokerage firm represented both parties in the $420,000 transaction. Completed in 1898, the property has two- and three-bedroom units, as well as three street-level retail units. Both Washington Park and Jackson Park are close by.
Birk and Sklar also represented Ash Realty in the $260,000 sale of a six-unit Englewood building located at 7250 S. Yale Ave. “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 said, in prepared remarks.
