Kiser Group, a Chicago-based multifamily brokerage firm, recently brokered 17 buildings in October throughout the Woodlawn, South Shore and Bronzeville neighborhoods. Senior director Noah Birk and director Aaron Sklar facilitated the transactions in their focus area, Chicago’s south side neighborhoods.
“The values of apartment buildings on the south side have appreciated rapidly, and sale velocity is not slowing down,” said Birk. “Looking at sale data of the nearly 80 south side apartment buildings we’ve sold in the last 18 months, we’re seeing a significant trend of out-of-state investors being attracted to this market.”
Among the recent transactions, Birk represented the buyer and seller, 6600 S. Ingleside LLC, of a $1.8 million, 28-unit building located at 6600 S. Ingleside Avenue in East Woodlawn. “East Woodlawn has been one of the hottest neighborhoods on the south side,” said Birk. “The neighborhood is dense with single-family and two- to six-flats, and it’s rare to find any larger buildings. It is even more rare to find any apartment buildings that offer a true value-add component. Almost everything in the area has been rehabbed over the past few years, yet 6600 S. Ingleside is both a larger building and a value-add opportunity.”
Birk and Sklar represented the local buyer and seller of a $312,000, seven-unit building located at 7931 S. Manistee in South Shore. The two also handled both sides of two portfolio sales, each sold by Ash Properties. The first was a $1.25 million, seven-property Bronzeville portfolio including buildings located at 4230-4232 S. Langley, 4720 S. Wabash and 4551-4553 S. Champlain; they also conducted the $311,000 sale of an eight-property portfolio in Chicago’s far southeast side.
“Interest levels and activity in Chicago’s South Side neighborhoods have been rapidly increasingly,” said Sklar. “With more and more developments coupled with the expansion of the Opportunity Zone, demand in the South Side been higher than ever.”