Kiser Group, Chicagoland’s leading multifamily brokerage firm, announces the closing of a bulk condo sale at Onan Place Condos (3370 W. Brooke Ave.) in Waukegan. Senior Director Matt Halper and Director Danny Mantis represented the seller in this $4.1M transaction who owned 58 of the building’s 74 units.
“The property is located in the far north suburb of Waukegan. This area has a strong rental market and has been seeing growing investor interest from outside of Waukegan in recent years,” said Mantis.
Building amenities of the property include heated underground parking as well as an elevator, fitness center, on-site laundry and indoor storage for tenants.
“The unique thing about this deal is it’s a bulk condo deal rather than the far more common condo deconversion,” Kiser Group Director, Matt Halper said. “We represented the ownership entity of the majority of units who did not want to market it as a deconversion, even though he owned more than the 75% required to deconvert.”
The seller in this deal developed Onan Place Condos in Waukegan in 2006, making it among the newest housing stock in the area. All 58 units included in this sale are currently rented to tenants. At this pricing, the deal represents an in-place cap rate of 6.3%.
“The buyer of this property comes into a situation with several options,” said Kiser Group Director, Danny Mantis. “They will have the opportunity to continue to operate the condo chunk as the seller has and organically raise rents and also will have the opportunity to acquire additional units over time.”
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