05.28.19
RE Journals: South Side multifamily portfolio seeks $20 million buyer
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 Drive, 6916 S. Clyde Avenue and 7038 S. Chappel Avenue, the portfolio is being marketed as a turn-key investment for firms familiar with subsidized tenants and opportunity zones.
Kiser Group partner, Noah Birk, and director, Aaron Sklar, are marketing the portfolio on behalf of New York-based DAX Real Estate, which is seeking $20 million. Two of the properties are located within an Opportunity Zone.
“This is a rare opportunity to acquire over 200 renovated units in the South Shore neighborhood of Chicago,” said 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 130-unit South Shore Drive and 53-unit Clyde Avenue properties both feature studio and one-bedroom renovated units. The Chappel Avenue property offers 25 renovated units and two- and three-bedroom floorplans. Rents in the buildings range from $525 to $1,515.
“These stabilized properties are located within a one-mile radius from each other,” said 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.
