05.07.20
Yield Pro: Kiser Group brokers Portage Park portfolio for $3.5 million
Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered a three-building, 36-unit portfolio located in the Portage Park neighborhood of Chicago. The portfolio included 3905-11 N. Linder, a 10-unit building; 3514-18 N. Long, a 16-unit building; and 3816-24 N Long, a 10-unit building. Drexel Properties purchased the portfolio for $3,525,000 from a long-time Chicago landlord. 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.
