Kiser Group Brokers Andy Friedman and Jake Parker Close $10.45 Million Portfolio in Edgewater

Kiser Group Partner, Andy Friedman and Senior Director, Jake Parker have successfully closed the sale of three fully occupied multifamily properties in Chicago’s Edgewater neighborhood, totaling $10.45 million. The properties, which were all built in 2016, consist of large two- and three-bedroom units with ground-floor NNN commercial space and are predominantly occupied by students due to their proximity to Loyola University.

The deal included the following properties:

• 1244 W. Devon – 11 units, sold for $4.35 million
• 1301 W. Devon– 7 units, sold for $2.95 million
• 1325 W. Devon – 7 units, sold for $3.15 million

“This portfolio sale was an exercise in persistence,” said Andy Friedman. “Originally listed as a whole, our launch timing unfortunately coincided with the rapid rise in interest rates. As that unfolded, we decided to split the buildings for individual sale to reach a broader audience of investors. Ultimately, all three buildings sold to new entrants in the market—a doctor from Columbus, a 1031 buyer from the Northwest Suburbs, and a local retail investor purchasing their first mixed-use property.”

“The vast majority of Chicago’s ‘usual suspect’ multifamily investors are averse to mixed-use properties and strongly prefer value-add opportunities,” said Parker. “Despite the proximity to Loyola and the excellent monthly cash flow from the buildings, we had to look beyond those usual suspects to secure buyers. The fact that all three purchasers were new entrants to the market is a testament to the wide reach of Kiser Group’s marketing efforts, which have been developed and refined over our twenty years in business.”

Andy Friedman and Jake Parker continue to lead the market in the sale of large and often unconventional properties on the North Side of the city, including the $31.5 million sale of Granville Tower, the $32.3 million sale of the Barry Quad Condominiums, the $16.8 million sale of Brix on Morse, and the $18.3 million sale of Harvard House Condominiums.

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