By Steve Lubetkin, GlobeSt.
CHICAGO, IL—Kiser Group and Affordable Housing Investment Brokerage arranged the sale of Renaissance North in Chicago’s Old Town neighborhood for $15.45 million. Kiser Group’s senior director Michael D’Agostino and Affordable Housing Investment Brokerage managing director Kyle Shoemaker represented the buyer, a national investment fund focused on workforce and affordable housing, and seller Renaissance Companies.
Renaissance North, located at 551 W. North Ave., is a 59-unit apartment building with ground floor retail in Chicago’s Old Town neighborhood. Built in 2003 under the Low-Income Housing Tax Credit program and HOME funds via the City of Chicago, and 18 units are subsidized by an agreement with the Chicago Housing Authority.
“As one of the first sales of a property that was part of the CHA’s Plan for Transformation, this deal presented unique challenges that required a buyer well-versed in not only the LIHTC program, but also dealing with multiple other layers of government regulation,” says Shoemaker.
“This property required a specific buyer profile and we were pleased with the national investor interest,” says 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.”