05.12.20
MultifamilyBiz: Kiser Group Brokers $3,525,000 Sale of Multifamily Building Portfolio in Portage Park Neighborhood of Chicago
CHICAGO, IL – Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered a three-building, 36-unit portfolio located in the Portage Park neighborhood of Chicago. The portfolio included 3905-11 N. Linder, a 10-unit building; 3514-18 N. Long, a 16-unit building; and 3816-24 N Long, a 10-unit building.
Drexel Properties purchased the portfolio for $3,525,000 from a long-time Chicago landlord.
Kiser Group Broker Rick Ofman was the sole broker in the transaction.
“The focus needed for this deal was a welcome distraction from all the more pressing things in our lives right now,” said Ofman. “The buyer was determined to close on this value-add investment as it increases his already substantial presence in the area; however, it was far from easy. There were numerous active violations on each property, and we worked through countless obstacles to close.”
The portfolio features mostly two-bedroom units, with a few studios and one-bedroom units. The average two-bedroom rent is $1,200 and average one-bedroom rent is $950 per month.
About Kiser Group: Kiser Group is Chicagoland’s leading commercial real estate brokerage firm specializing in the disposition of multifamily, mixed-use and development parcels. Founded in 2005, Kiser Group works with diverse owners and investors to value, market and close commercial properties successfully. The firm’s unmatched combination of experience, market intelligence and track record makes Kiser Group the go-to broker for the Chicago metropolitan area.
