01.15.20
Yield Pro: Kiser Group brokers record-breaking $18.4 million South Shore apartment portfolio
Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 7500 S. South Shore, 6916 S. Clyde and 7038 S. Chappel as a 208-unit apartment portfolio. The apartments sold for $18,400,000 and are located in Chicago’s South Shore neighborhood. According to CoStar, the three-property transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar.” Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar represented seller, DAX Real Estate and an undisclosed buyer.
“The south side continues to be one of the rare places in the country that offers investors exceptional cash flow as well as buildings that have rapidly been appreciating in value. That rare combination has continued to push out-of-state buyers into our market,” said Noah Birk. “While marketing this portfolio, we received offers from local, out-of-state, and international buyers. Investors are very excited about the upwards trends South Shore is experiencing.”
“At over $88,000 per unit, this one of the highest price per door sales in South Shore,” said Aaron Sklar. “Early investors are already enjoying the returns of the appreciating neighborhood. The seller of this portfolio purchased all of these buildings for under $12 million less than two years ago.”
The South Shore Portfolio
- 7500 S. South Shore features 130 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $750 to $1,094.
- 6916 S. Clyde features 53 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $525 to $1,088.
- 7O38 S. Chappel features 25 renovated units and two- and three-bedroom floorplans. Rents range from $1,004 to $1,515.
