Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, announces three Chicago-area property sales that closed in September 2014. The sales include two Chicago buildings: a 33-unit courtyard apartment building in Albany Park and a recently constructed 17-unit mixed-use building in Rogers Park. The September closings also include 4.36 acres of vacant land in a commercial area of Skokie, Ill.
3348 W. Wilson – Albany Park
Located at the northeast corner of Wilson and Kimball avenues in the Albany Park neighborhood, Wilson Manor is a 33-unit brick courtyard apartment building that has been fully renovated with condo-quality finishes including granite countertops, black appliances, new cabinets, central heat and air, and in-unit laundry. The apartment mix consists of 22 two-bedroom, two-bath units; six two-bedroom, one-bath units; and five 1,800-square-foot duplexes. It sold for $6.2 million.
“This value-add property closed at an attractive 7 percent cap rate,” said Bill Baumann, senior managing director, who represented the buyer in the transaction. “The fully occupied, well-maintained building is also located in a popular, stable Chicago neighborhood. Location was a key selling point as the building is just blocks from the Kimball Avenue Brown Line ‘L’ stop, North Park University and Northeastern Illinois University.”
“The seller purchased this property only two years ago and made several impressive improvements. By approaching Kiser Group, the seller was able to maximize its value in a very short amount of time,” said Lee Kiser, principal of Kiser Group, who represented the seller in the transaction.
1412 W. Morse – Rogers Park
This recently constructed mixed-use building at 1412 W. Morse in Rogers Park sold for $3.3 million. The elevator building includes 16 residential units above a street-level commercial space that houses Chuckie’s, a restaurant and bar. The apartments feature gourmet kitchens, stainless steel appliances, hardwood floors, private balconies, in unit laundry and access to a rooftop deck. Baumann represented both the buyer and seller of the property.
3535 W. Oakton – Skokie
3535 W. Oakton is a 4.36-acre parcel of vacant land that sold for $2.05 million. Approximately 23,300 vehicles pass by the infill location per day. The property is in an M3 Industrial district. “The property provides a user opportunity in a convenient, highly trafficked area of Skokie,” said Kiser, who represented the seller in the transaction. All the names of buyers and sellers involved in these transactions are not available at this time.
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