Kiser Group and Affordable Housing Investment Brokerage recently brokered the sale of Renaissance North in Chicago’s Old Town neighborhood for $15,450,000. Kiser Group’s Michael D’Agostino and Affordable Housing Investment’s Kyle Shoemaker represented the buyer, a national investment fund focused on workforce and affordable housing, and seller Renaissance Companies.
The property at 551 W. North Ave, is a 59-unit apartment building with ground floor retail. Built in 2003 under the Low Income Housing Tax Credit program and HOME funds via the City of Chicago, Renaissance North includes 18 units that are subsidized by an agreement with the Chicago Housing Authority.
“This property required a specific buyer profile, and we were pleased with the national investor interest,” said D’Agostino. “In addition to the buyer’s focus on affordable housing, they saw opportunities to add value in the market rate units and the parking garage as well.”