08.06.20
Kiser Group brokers $2.85M in West Side affordable multifamily sales
Kiser Group recently brokered two separate multifamily transactions on the West Side of Chicago. 1015 N. Pulaski sold for $1,900,000, and 4301 W. Gladys sold for $950,000.
1015 N. Pulaski is a 32-unit apartment building located in the Humboldt Park neighborhood of Chicago. Kiser Group’s Danny Logarakis and the Birk Sklar team of Kiser Group represented both the buyer and seller.
“Even with 1015 N. Pulaski’s NSP rent restrictions, it traded at a 7 percent cap rate,” said Logarakis. “Cap rate compression has been a trend that we’ve continued to see all over the West Side of the city.”
“There is no shortage of investors looking for apartment buildings in Humboldt Park. Anytime we bring a building to the market in the area, investor demand is impressive,” said Jack Petrando with the Birk Sklar team of Kiser Group. “1015 N. Pulaski was no different. The building received an abundance of activity and yielded a great result for both parties.”
4031 W. Gladys is an 18-unit building located in the West Garfield Park neighborhood of Chicago. Kiser Group’s Marco Cesario represented the buyer and Logarakis represented the seller.
“4031 W. Gladys has been under contract for over a year and due to multiple approvals needed from the city of Chicago, HUD and other agencies, we are proud to have brought this deal to a close,” said Logarakis. “COVID affected the timing of everything from financing to approvals. We were determined to get this deal done, and it took a relentless team to stay the course and keep the parties engaged.”
“During these unprecedented times, buildings that are deemed affordable housing with HAP contracts or even the property consisting a vast majority of Section 8 vouchers, seem more attractive because the government guarantees the rent,” said Cesario. “That being said, this type of asset was very attractive to the buyer because of their investment goals.”
Recent West Side transactions include 821 S. Springfield and 640-42 N. Cicero. Kiser Group has additional West Side multifamily listings including 3815 W. 18th Street, a 16-unit value-add building, 856 N. Pulaski, a five-unit mixed-use building, and a 4209-4211 W. Cermak, a five-unit mixed-use building.
