01.15.20
RE Journals: Kiser Group brokers largest South Shore deal in 15 years with $18.4M apartment portfolio sale
Kiser Group recently brokered the sale of 7500 S. South Shore Drive, 6916 S. Clyde Avenue and 7038 S. Chappel Avenue as a 208-unit apartment portfolio. The apartments, located in Chicago’s South Shore neighborhood, sold for $18,400,000—the largest transaction by dollar amount in the submarket in the last 15 years, according to CoStar data.
Kiser Group partner, Noah Birk, and senior director, Aaron Sklar, represented seller, DAX Real Estate. Birk and Sklar also represented the undisclosed buyer.
“The South Side continues to be one of the rare places in the country that offers investors exceptional cash flow as well as buildings that have rapidly been appreciating in value. That rare combination has continued to push out-of-state buyers into our market,” said Birk. “While marketing this portfolio, we received offers from local, out-of-state, and international buyers. Investors are very excited about the upwards trends South Shore is experiencing.”
“At over $88,000 per unit, this one of the highest price-per-door sales in South Shore,” said Sklar. “Early investors are already enjoying the returns of the appreciating neighborhood. The seller of this portfolio purchased all of these buildings for under $12 million less than two years ago.”
The portfolio comprises 7500 S. South Shore Drive, which features 130 renovated studio and one-bedroom units; 6916 S. Clyde Avenue, featuring 53 renovated studio and one-bedroom units and 7038 S. Chappel Avenue, made up of 25 renovated two- and three-bedroom units.
