Kiser Group recently brokered the sale of Blue Station Apartments in Blue Island, IL for $18.6 million. The buyer, an undisclosed national portfolio owner, purchased the 345-unit apartment complex from Kinzie Realty Corp.
The seller assembled the apartments through multiple acquisitions, then branded and managed the assets as Blue Station Apartments. Community amenities include an on-site convenience store and daycare center.
“Kinzie took an institutional approach to a non-institutional part of the market, making the workforce housing complex a community, complete with a full staff and tenant services,” said Kiser principal Lee Kiser, who arranged the sale with the firm’s Matt Halper. “This isn’t a typical investment strategy for workforce housing, but it has worked well for Kinzie.”