05.08.20
REjournals: Kiser Group brokers $3.5 million sale of Portage Park rental portfolio
Kiser Group recently facilitated a three-building, 36-unit portfolio sale located in the Portage Park neighborhood of Chicago. Drexel Properties purchased the properties for $3,525,000 from a long-time Chicago landlord.
The portfolio is comprised of 3905-11 N. Linder Avenue, a 10-unit building; 3514-18 N. Long Avenue, a 16-unit building and 3816-24 N Long Avenue, a 10-unit building. Kiser Group broker, Rick Ofman, was the sole broker in the transaction.
“The focus needed for this deal was a welcome distraction from all the more pressing things in our lives right now,” said Ofman. “The buyer was determined to close on this value-add investment as it increases his already substantial presence in the area; however, it was far from easy. There were numerous active violations on each property, and we worked through countless obstacles to close.”
The portfolio features mostly two-bedroom units, with a few studios and one-bedroom units. The average two-bedroom rent is $1,200 and average one-bedroom rent is $950 per month.
