11.20.19
RE Journals: Kiser Group Brokers Three West Ridge Apartment Buildings for $6.5 Million
Chicago-based multifamily brokerage firm, Kiser Group, recently brokered three West Ridge apartment buildings in separate transactions. 6300 N. Leavitt Street sold for $3,000,000, 6515 N. Seeley Avenue sold for $2,650,00, and 2737 W. Glenlake Avenue sold for $880,000. Kiser Group’s Danny Logarakis represented both the buyer and seller in all of the transactions.
“West Ridge is a relatively quiet multifamily market with only a dozen or so properties trading hands each year. In the past year, investment activity has picked up,” said Logarakis. “Apartment properties in West Ridge experience high occupancy with long-term tenants and stronger cash flow than similar properties in other North Side neighborhoods. In terms of real estate fundamentals, this neighborhood is well located to transportation, restaurants, recreation and education.”
6300 N. Leavitt LLC acquired the 27-unit building at 6300 N. Leavitt Street where floorplans include one- and two-bedroom units with rents ranging from $700 to $900 per month. The 26-unit 6515 N. Seeley Avenue apartment building, which was nearly vacant upon sale and will be gut renovated, was acquired by 6515 N. Seeley Ave LLC. Finally, L&R Property Holdings LLC acquired 2737 W. Glenlake Avenue from an owner-occupant; the six-unit building features two- and three-bedroom units ranging from $1,100 to $1,400 per month.
