April 17, 2013 | Staff Writer
Kiser Group has been retained to sell several apartment buildings in Chicago, including a 206-unit, four-building portfolio in the South Shore neighborhood and a five-unit three-flat in Wrigleyville.
“There has been a resurgence of people moving back into the city and opting to rent,” said Lee Kiser, principal of Kiser Group. “Many workers need the flexibility of being able to relocate at a moment’s notice, so they don’t want to be tied down to a mortgage. Also, quality of life and shorter commute times are luring downtown workers back to the city. Investors especially seek rental units located along major CTA bus and rail lines, and these listings meet that need.”
Listed for $9.1 million and located at the intersection of 71st and Jeffery Boulevard, the 206-unit Jeffery Portfolio includes four vintage apartment buildings, one at 1962 E. 71st Place (52 residential units and five commercial spaces), and three along South Jeffery Boulevard – 7130 (60 residential units and three commercial spaces), 7147 (38 residential units) and 7144 (49 residential units and 41 parking spaces).
The portfolio includes studios, one-, two- and three-bedroom units. The commercial spaces are rented to Jeffery Nails, Natural Harvest, Liberty Tax Service, Ivy League Tutoring, Mariama-Kebbeh and Fatou Hair Braiding.
“Built in the 1920s, these buildings offer tons of character, but they also provide tenants all the modern living comforts since they were completely renovated in the early 1990s,” said Kiser, who is marketing the listing.
Improvements include all-new electric service, full plumbing replacement with copper, replacement of all kitchen cabinetry, renovation of all bathrooms and replacement of the original steam boilers with hot water boilers with baseboard radiators in the units. In the past two years, all 330 windows of 1962 E. 71st Place were replaced, and R-60 insulation was added in the attic crawl space of two of the buildings. In 2008, a new roof was installed and parapet walls were rebuilt at 7144 S. Jeffery Blvd.
The property at 1143 W. Waveland Ave. includes a brick three-flat and a coach house. It is located one block west of Wrigley Field and three blocks from CTA’s Addison Red Line stop. It is listed for $1.6 million.
“This property is surrounded by the famous restaurants and night life of Clark Street, which makes Wrigleyville a hot spot,” said Sean Connelly, senior managing director of Kiser Group, who is marketing the listing.
The five-unit property includes a four-bedroom, three-bath duplex; two three-bedroom, two-bath units; one two-bedroom unit; and a studio.
Substantial rehab work done over the last several years includes updated electrical service and systems, copper plumbing replacement, new thermal windows, individual HVAC and hot water tanks, and an interior rehab of the units including new kitchens and baths.
“This is an excellent opportunity to acquire a great unit mix in an area that has constant rental demand and very few transactions,” Connelly said. “The property runs well with very few expenses and has room for rental growth.”