05.28.19
MultifamilyBiz: Kiser Group Launches Marketing on $20 Million Multifamily Portfolio in South Shore Neighborhood
CHICAGO, IL – A 208-unit portfolio in Chicago’s South Shore neighborhood has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Located at 7500 S. South Shore Dr., 6916 S. Clyde Ave and 7O38 S. Chappel Ave., the portfolio is listed for $20 million and represented by Kiser Group’s Partner Noah Birk and Director Aaron Sklar. The Portfolio is being marketed as a turn-key investment for firms familiar with subsidized tenants and opportunity zones.
“This is a rare opportunity to acquire over 200 renovated units in the South Shore neighborhood of Chicago,” said Partner Noah Birk. “We are anticipating out-of-state investor interest particularly from investment firms familiar with working with various subsidies and looking to grow their presence in Chicago.”
The South Shore Portfolio
7500 S. South Shore Dr. features 130 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $750 to $1,094.
6916 S. Clyde Ave. is located in an opportunity zone and features 53 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $525 to $1,088.
7O38 S. Chappel Ave. is located in an opportunity zone, features 25 renovated units and two- and three-bedroom floorplans. Rents range from $1,004 to $1,515.
“These stabilized properties are located within a one-mile radius from each other,” said Director Aaron Sklar. “The portfolio is a turn-key investment with strong cash flow giving any investor immediate scale in a rapidly growing neighborhood. Chicago’s south side multifamily market continues to be more and more active with strong rent growth, property appreciation and opportunity zone interest.”
In March, Birk and Sklar brought Englewood Terrace Apartments to market, a $25 million opportunity zone listing in Chicago’s Englewood neighborhood. The 304 unit high rise has received numerous offers.