Kiser Group, a leading commercial real estate brokerage firm, proudly announces the successful disposition of a 39-unit property in the heart of Edgewater. Danny Logarakis, Katie LeGrand and Jacob Price, orchestrated the $7.6 million transaction. Advisors Price and LeGrand represented the Seller, while Director Logarakis represented the purchaser.
The seller, Sam F Grossman, managing partner of Fairchild Acquisition, completed a full renovation of the property in June of 2020. The work included new building electrical, plumbing, mechanicals, a new laundry facility, as well as hallway and lobby modernization. High-end unit finishes helped push occupancy levels over 97%, and attracted the attention of local investors seeking stability and long-term value. Additionally, the well-positioned asset is located just a stone’s throw away from Loyola University, attracting a larger tenant base. With the allure of assumable debt at a low interest rate for another few years, Kiser Group was able to run over 20 tours at this property, generating multiple offers for ownership. This deal was a win-win situation, as the Buyer is now set up for strong returns in the future and owns an asset in a neighborhood that will never go out of style.
Edgewater, known for its proximity to essential amenities such as the Thorndale Redline and the picturesque Lake Michigan, mere blocks away. The property’s location in this vibrant area contributed significantly to its attractiveness in the market. Moreover, this sale marked a significant milestone in the area’s real estate history: setting a record as the highest price per unit ever – $195K/door – for 1960/70s construction products in the Edgewater/Uptown vicinity.
Commenting on the transaction, Grossman, managing partner of Fairchild Acquisition, stated, “Fairchild Acquisition is extremely pleased with Kiser Group’s, Katie LeGrand, and Jacob Price for achieving a record-setting sale price for our asset in the Edgewater Market. Having rehabilitated and leased up during the challenges of the pandemic, and now selling under these market conditions, we believe this sale will generate momentum and indicate to buyers that the time to act is now. This marks our first exit from our 4-building, 140-unit portfolio, and we eagerly anticipate many more successes.”
Kiser Group is currently marketing the remaining assets in Grossman’s Edgewater/Rogers Park portfolio and expect this transaction to signal to buyers that prices are not coming down and there is a cost to waiting in this market.
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