Kiser Group has facilitated the sale of Blue Station Apartments, a 345-unit community in Blue Island, Ill. Principal & Managing Broker Lee Kiser and Broker Matt Halper transacted the $18.6 million deal. Seller Kinzie Realty Corp. assembled the apartments through multiple acquisitions and sold it to an undisclosed buyer.
Located at 2130 West 122nd St., the property is steps away from 123rd Street train station and Interstate 57 provides easy access to downtown Chicago, which is within a 25-minute drive. Community amenities include an on-site convenience store and daycare center.
”Kinzie Realty Corp bought the distressed units and had a strategic plan to renovate. They were able to make good returns on their successful value-add strategy, and buyer was able to get a very attractive cap rate on the acquisition,” Matt Halper said in prepared remarks.
Kiser Group is active in the Chicago area. As we reported last November, the firm also brokered the $4.9 million sale of a 41-unit community in the city.