Kiser Group Partners Aaron Sklar and Noah Birk, and Advisor Jack Petrando have recently closed Homan Properties, comprising a total of 35 units across two properties on South Homan in East Garfield Park. The properties sold for $2 million to an out-of-state buyer.
The properties are both made up of a desirable unit mix. The property at 351 S Homan comprises a mix of two-, three-, and four bedroom units, and the property at 10-18 S Homan comprises 14 two-bedroom and 3 three-bedroom units.
“Larger units with two-, three-, and four bedrooms are achieving record high rental amounts in the neighborhood, “ said Kiser Group Director Jack Petrando. “We’ve seen as high as $1,500 for a four bedroom unit, and over $1,200 for two bedrooms.”
The interest in this property was solidified by the five plus offers received for each building. “The properties are in a great pocket of the up and coming East Garfield Park and provide (spacious) units for tenants, with value-add potential for the buyer” said Petrando. The properties boast spacious units, updated kitchens and bathrooms, recently updated hot water heaters and windows, as well as parking lots located at each property.
“The buyer was looking for properties in this neighborhood specifically, as it’s been improving year over year. Now, they have the opportunity to fill in vacancies with their own tenants and increase rents by over 25% of what’s currently being achieved,” said Petrando.
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