Kiser Group, Chicagoland’s leading mid-market multifamily brokerage, announces the closing of a 26-unit property located in Mundelein, IL. Director Andy Friedman and Advisor Jake Parker represented both the buyer and the seller in this $2.55M transaction at 520 McKinley Ave.
“During the pandemic, we saw a huge increase in interest for suburban living,” said Kiser Group Director Andy Friedman. “Mundelein benefits from this as both residents and investors are looking to expand into Chicago’s nearby suburbs. This particular property also presented an excellent value-add proposition as unit finishes and common areas could be cosmetically updated in order to drive significant gains in rent. ”
The property includes 11 one-bedroom units and 15 two-bedroom units, accommodating both individual renters as well as small families. Additionally, the property has parking for 34 spaces which could be re-configured to make room for up to 40 spaces.“” said Friedman.
“Interest in the property was substantial –we had 22 property tours and received six offers in the first two weeks of marketing,” said Parker. “We were under contract with no contingencies at the end of the third week. The buyer of 520 McKinley owns additional buildings in the Northwest suburbs and was eager to expand their portfolio.”
The property is located close to downtown Mundelein as well as the Metra. Its close proximity to both of these daily conveniences was key to its timely sale. For more information about Kiser Group and the firm’s current listings, click here.
Read the full Chicago Business Journal story here.