08.12.19
Connect Chicago: 21-Building Portfolio Comes to Market on Northwest Side
A 21-building multifamily portfolio, being marketed as 21 Northwest, has been listed for sale by Kiser Group. The portfolio is being offered at $8,854,000 for 73 apartment units spread across Galewood, North Austin, Belmont Cragin, Hermosa, Logan Square and the suburb of Elmwood Park, IL.
A private investment firm assembled the portfolio over a 10-year period. Kiser Group’s Rick Ofman, Danny Logarakis and Marco Cesario are the listing agents.
“The city properties are all within a mile-and-a-half radius of each other, and offer investors the ability to raise rents to market rate without updating units,” said Ofman. “For additional rent growth, investors could make luxury cosmetic upgrades. The rents of the few units that already have stainless steel appliances, granite countertops, and completely new bathrooms demonstrate the potential for 20% rent increases.”
Current ownership renovated the units between 2009 and 2013, and completed electrical, plumbing and cosmetic updates.
