12.06.19
RE Journals: Kiser Group marketing 86-unit South Side portfolio in Chicago
An 86-unit portfolio on Chicago’s South Side has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Comprising six Auburn Gresham properties and one West Englewood property, the portfolio is listed for $7,950,000 and represented by Kiser Group’s partner, Noah Birk, and senior director, Aaron Sklar. The portfolio has been completely renovated to condo-quality levels and offers a turn-key, stabilized investment for a new buyer.
“There is major demand from renters for high-end units on the South Side, but buildings like these don’t pop up often. This portfolio commands top-of-the-market rents,” said Birk. “Rents are going for as high as $1,433 per month for three-bedrooms and $1,130 per month for two-bedroom units.”
The South Side portfolio consists of 7928 S. Morgan Street, a 13-unit building featuring two-bedroom, one-bathroom floor plans; 8100 S. Loomis Boulevard, a 12-unit building featuring two- and three-bedroom floor plans; 7954 S. Laflin Street, a 15-unit building featuring two-bedroom, one-bathroom floor plans; 1305 W. 82nd Street, a 13-unit building featuring two- and three-bedroom floor plans; 1332 W. 82nd Street, a 13-unit building featuring two- and three-bedroom floor plans; 8355 S. Sangamon Street, an eight-unit building featuring two-bedroom, one-bathroom floor plans and 6602 S. Winchester Avenue, a 12-unit building featuring two-bedroom, one-bathroom floor plans.
“The portfolio is an interesting opportunity for out-of-state investors looking to grow their presence in Chicago,” said Sklar. “Chicago’s South Side multifamily market continues to be more and more active with strong rent growth and property appreciation. Investors that are familiar with various subsidies can have great success with this portfolio.”
So far this year, Birk and Sklar have brokered nearly 1,000 units throughout the south side of Chicago and anticipate a surge of closings before the end of the year.
