By Adina Marcut
Chicago—Kiser Group recently closed a $15.3 million portfolio in Edgewater. The vintage buildings are located at 6100 N. Winthrop, 6101 N. Winthrop and 6110 N. Winthrop. The sellers were Rae Ann Cecrle and B&R Developments. Kiser Group Associates Luke Lesniewski and Stevens Haen joined Feldstein and Kiser in brokering the Edgewater portfolio deal.
Investors flock to the north side neighborhoods as renters move to the area seeking cheaper rents. “Within five days, the three building, 109-unit portfolio went through 36 showings and 12 offers,” Michael Feldstein, broker associate at Kiser Group, said in a statement.
The top bidder was second generation Edgewater landlord and portfolio owner, Sal Becovic of Becovic Properties. He bought the building with a non-contingent contract, meaning he could not cancel the contract for any reason once the seller signed.
The Edgewater portfolio is Kiser Group’s second portfolio to close on the north side in less than 30 days. In December, the company closed a $20 million portfolio in Rogers Park totaling 220 apartments.