After a record-setting 2016, multifamily sales have been quieter through the midway point of 2017, but there are owners seeking buyers for their assets. One South Loop building may pose an irresistible investment opportunity.
Kiser Group is marketing Millennium Lofts, a 38-unit building at 1900 South Clark, to prospective buyers. The building, near where the South Loop and Chinatown meet, was built in 1940 as a pillow factory and has an average apartment size of 1,302 SF. The asset is being marketed as a value-add opportunity, while an adjacent parking lot offers the possibility of being rezoned to build an additional 74K SF building. Millennium Lofts’ proximity to the Chinatown Red Line ‘L’ station qualifies it for development bonuses through Chicago’s TOD ordinance. Aaron Sklar and Michael Feldstein are the brokers for the building.