Kiser Group, Chicagoland’s leading mid-market multifamily brokerage, announces the closing of a 52-unit mixed-use property located in the Edgewater neighborhood of Chicago. Directors Andy Friedman and Jake Parker, along with Managing Broker Lee Kiser represented both the buyer and the seller in this $9.2 million transaction.
“5920 N Ridge, known as the Mabel Exchange, is an iconic building at the nexus of Edgewater and Andersonville,” said Friedman. “Built in 1928 to serve as the corporate headquarters of Maybelline, the Mabel Exchange is a great example of a historically important Chicago building.”
The property includes 35 studios, 15 one-bedroom units, 2 two-bedroom units, and 20,000 square feet of commercial space. Additionally, the property has indoor parking for 33 spaces.
“The seller purchased the Mabel Exchange in 2019 and gut-renovated the building,” said Parker. “All units were upgraded with high end finishes and in-unit laundry. All plumbing was replaced with copper and new electric service was installed. Envoi plans on further elevating the Mabel Exchange through the addition of amenities and improving the commercial space.”
“The Mabel Exchange is located just north of the increasingly popular Andersonville neighborhood,” said Kiser. “The completion of the new Metra station at Ridge and Peterson will accelerate the continued northward development of the neighborhood and the Mabel Exchange will sit at the head of it.”
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