Kiser Group’s Managing Broker Lee Kiser along with Advisor Katie LeGrand and Associate Jacob Price brokered a transaction at 5700 N Ashland Ave, located in Andersonville. The apartment property, Anderson Point, sold for $53,500,000. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange.
Anderson Point is an adaptive reuse of the Edgewater Medical Center. The seller transformed the former hospital into a luxury apartment property. According to Kiser, properties in Andersonville do not trade hands often, making this a rare opportunity.
“Apartment properties in the neighborhood are almost entirely vintage 3-story walk-up buildings with few or no amenities,” said Kiser. “Anderson Point caters to an upscale tenant who previously would not have been able to find luxury apartments with full-scale amenities in Andersonville.”
The property has a great unit mix of studio, one bedroom, two bedroom and three bedroom apartments. Amenities include indoor parking, in-unit laundry, fitness center, tenant lounges, private office/workspaces, roof deck and golf simulator.
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