by John Jordan, GlobeSt.
CHICAGO—DAX Real Estate of New York City has sold a three-building multifamily property portfolio on the South Shore for a record-setting price of $18.4 million.
The deal announced by brokerage firm the Kiser Group involves the 208-units located at 7500 S. South Shore, 6916 S. Clyde Ave. and 7038 S. Chappel Ave. The Kiser Group represented DAX Real Estate in the deal. The buyer was not revealed in the press announcement. However, a Neenah, WI based firm led by investor Trinity Flood, acquired the properties, according to a report in Crain’s Chicago Business.
The Kiser Group said the sale marks the highest price paid for a South Shore property in more than 15 years.
7500 S. South Shore features 130 renovated units. Floor plans include studio and one-bedroom units with rents ranging from $750 to $1,094. 6916 S. Clyde features 53 renovated units. Floor plans include studio and one-bedroom units with rents ranging from $525 to $1,088. 7038 S. Chappel features 25 renovated units and two- and three-bedroom floor plans. Rents range from $1,004 to $1,515.
Kiser Group partner Noah Birk and senior director Aaron Sklar represented DAX Real Estate and the buyer.
“The South Side continues to be one of the rare places in the country that offers investors exceptional cash flow as well as buildings that have rapidly been appreciating in value. That rare combination has continued to push out-of-state buyers into our market,” says Kiser Group’s Birk. “While marketing this portfolio, we received offers from local, out-of-state, and international buyers. Investors are very excited about the upwards trends South Shore is experiencing.”