GLEN ELLYN, IL – Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House, located at 1221 W. Sherwin Ave. in Chicago’s East Rogers Park neighborhood, has sold for $8,100,000. The brokerage firm partnered on the listing with Kiser Group so that the seller had the benefit of AHIB’s expertise in affordable housing and Kiser Group’s mid-market multifamily expertise in Rogers Park. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit.
Levy House is a 57-unit, seven-story apartment building that offers one-bedroom, one-bathroom floor plans. The multifamily property previously operated as a elderly housing and Preservation of Affordable Housing plans to keep and expand the property’s rent affordability.
“This is a wonderful property and a great opportunity for us to preserve affordable housing in a rising real estate market,” said Vice President Konrad Schlater, POAH’s project manager. “We’re excited to be working in Rogers Park and adding to our growing North Side portfolio.”
Upon acquisition, POAH will work with the City of Chicago and Chicago Housing Authority to expand the property’s affordability and execute a rehab and modernization plan. POAH now owns roughly 2,000 apartment units in Chicago.
“As someone specializing in affordable housing sales, it’s great to see that the new ownership will continue with the property’s currently targeted demographic,” said Shoemaker. “While a portion of the property operated with a rent subsidy from the Chicago Low Income Housing Trust Fund, POAH will be able to expand the property’s affordability with additional assistance from the Chicago Housing Authority.”
“We are honored to have assisted AHIB in this transaction and to close another deal with Kyle,” said Lee Kiser, Principal and Managing Broker at Kiser Group.
About Affordable Housing Investment Brokerage: Affordable Housing Investment Brokerage, Inc.’s (AHIB) sole purpose is the direct, confidential sale of affordable housing. Driven by a passion for maximizing client wealth and serving an industry that provides a vital social need, AHIB’s principals have sold over $1 billion in niche real estate investments, including Project-Based Section 8, Section 42, and HUD-financed properties. AHIB maximizes value through marketing by agents who provide a single source for affordable housing and local real estate knowledge. Learn more about AHIB at www.affordablehousingbrokerage.com
About Kiser Group: Kiser Group is Chicagoland’s leading commercial real estate brokerage firm specializing in the disposition of multifamily, mixed-use and development parcels. Founded in 2005, Kiser Group works with diverse owners and investors to value, market and close commercial properties successfully. The firm’s unmatched combination of experience, market intelligence and track record makes Kiser Group the go-to broker for the Chicago metropolitan area.