Chicago-based multifamily brokerage Kiser Group has hired Advisor Jeff Leibovich. Working with Advisor Ron Plonis, the pair will focus on Chicago’s suburban multifamily market.

“Kiser Group has exceeded expectations, and it’s wonderful to have such a strong partner in Ron with so much market knowledge and expertise,” said Leibovich. “I am excited to bring my experience as a principal in a Class A, 278 unit, mixed-use multifamily development to benefit our clients.”

“I am really excited to have Jeff on board at Kiser Group and look forward to working with him,” said Advisor Ron Plonis. “He brings strong analytical skills and his exposure to such a wide range of real estate transactions will be beneficial to our clients.” 

Leibovich has recently joined Kiser Group with a background in multifamily development and commercial retail properties where he was involved in the purchasing, leasing, and repositioning of those assets and sites. 

“We are pleased to add Jeff to the group. Together with Ron, and their combined brokerage efforts, they will bring great expertise to our clients looking in the suburban new development and regional multifamily markets,” said Principal and Managing Broker, Lee Kiser. 

The duo is currently marketing Timber Court, a 72-unit multifamily investment property with a development parcel in the suburb of Arlington Heights.

7600 S. South Shore Drive and 7763 S. South Shore Drive, located in the South Shore neighborhood of Chicago have been listed for sale by Kiser Group’s Birk | Sklar team. The 61-unit multifamily portfolio, located along Lake Michigan on Chicago’s historic South Shore Drive, is offered at $4.65 million. Partners Noah Birk and Aaron Sklar are marketing the properties.

“People love to say an investment opportunity is rare. Well, this portfolio is just that,” said Sklar. “Where else can you buy this scale, on Lake Michigan in the South Shore market for under $5 million?”

The properties are within walking distance of Rainbow Beach on Lake Michigan, the future Barack Obama Presidential Center, Chicago’s South Works site and well connected to major thoroughfares.

“There’s only so much lakefront property available in Chicago,” said Birk. “Whenever we bring buildings to the market on South Shore Drive, the interest levels are always impressive”

7600 S. South Shore Drive comprises 39-units including three studios, 30 one-bedroom, one-bathroom units and six two-bedroom, one-bathroom units. Rents range between $550 to $1,062 per month. The multifamily asset is a century-old brick building that has been well maintained as offers residents large floor plans.  

7763 S. South Shore Drive comprises 22-units including eight one-bedroom, one-bathroom units and 14 two-bedroom, one-bathroom units. Rents range between $720 to $1,065 per month.

“Lakefront property with healthy cash-flow and long-term appreciation potential is such a rare combination,” said Birk. “We anticipate interest from investors across the country.”

Ridge Terrace Condominiums, located at 835 Ridge Avenue in Evanston, Illinois has been listed for sale by multifamily brokerage firm Kiser Group. The 34-unit multifamily property is offered at $7 million. Advisors Andy Friedman and Jake Parker are marketing the property and will lead the Ridge Terrace Condominiums Association through the Section 15 Deconversion sale.

Ridge Terrace is a mid-century building that was built in 1964 as apartments and later converted to condominiums in the 1970s.

“Deconverting Ridge Terrace offers investors the ability to bring online apartment inventory in a stable multifamily market,” said Friedman. “The property’s desirable location, surrounding new developments and built-in student renter-base is a testament to a favorable long-term outlook.” 

Ridge Terrace comprises 34-units including eight one-bedroom, one bathroom units; 17 two-bedroom, two-bathroom units; nine three-bedroom, two-and-a-half bathroom units; and an extra unit currently used as a party room that can be turned back into a unit with city approval. The property includes an elevator, 26 covered and uncovered parking spaces, a laundry room, bicycle storage unit, storage lockers and an exterior patio with grill stations.

Evanston’s Main Street Shopping District is located just blocks away from the Ridge Terrace property and offers tenants plenty of dining and shopping options.

“Chicago’s suburban multifamily real estate continues to be an attractive market for both investors and renters, especially properties like Ridge Terrace that offer closeby entertainment,” said Parker. “Evanston is known for its high occupancy rates with long-term tenants. There is also compelling value-add potential through unit and common area renovations.”

Kiser Group’s Partners Noah Birk and Aaron Sklar are off to a strong start in 2021 with the sale of five buildings and 127 units, totaling $8,209,500 in sales in the month of January. 

Riding on the heels of a strong 2020, Kiser Group’s Birk | Sklar team foresees Chicago’s south and west side multifamily market will continue to pick up in 2021. 

“We are seeing record setting prices left and right. After a great start to the year, we’re not seeing any sign of a slow-down,” said Birk. “The Birk | Sklar team currently has 36 buildings listed with 18 in escrow.” 

Notable transactions to date include: 

South Shore Apartment -- this undisclosed 70-unit apartment building sold for $5,200,000. 

7849-55 S. Escanaba -- located in the South Shore neighborhood, this 30-unit building sold for $1,250,000. 

6353 S Langley --  located in the Woodlawn neighborhood, the 8-unit apartment building sold for $532,500. 

6501 S. Maplewood -- located in the Marquette Park neighborhood, the 11-unit apartment building sold for $510,000.  

7650 S. Eggleston -- located in the Greater Grand Crossing neighborhood of Chicago’s South Side, the 8-unit apartment building sold for $392,000. 

“The south and west sides of Chicago should be on every multifamily investor’s hot list,” said Sklar. “From appreciation to rent growth paired with a lower cost of entry into Chicago’s commercial real estate market, there is no shortage of positive momentum throughout these areas.”

Kiser Group’s Birk | Sklar team remains the most active group of brokers throughout the Chicago multifamily market. Team members include Noah Birk, Aaron Sklar, Jack Petrando, Justin Turner, Austin Parker and Michael Yangas.

Timber Court, located at 3400-20 N. Old Arlington Heights Rd., was listed for sale by multifamily brokerage firm Kiser Group. The 72-unit multifamily property is in the sought-after Chicago suburb of Arlington Heights. Advisor Ron Plonis, Principal and Managing Broker Lee Kiser and Advisor Jeff Leibovich are marketing the property.

Timber Court, built in 2007,  was originally designed to be a three-building campus. Only two buildings were constructed, each with 36 large units and indoor parking. 

“Timber Court will attract interest from local and regional apartment investors,” said Kiser. “The potential for building additional density will be appealing to developers, as well.”

While Timber Court is being marketed unpriced, analysis suggests per-unit pricing could exceed $235,000, making the property value well over $17 million. 

“Chicago’s suburban multifamily real estate continues to be an attractive market for both investors and renters,” said Plonis. “Neighborhoods like this experience high occupancy rates with long-term tenants, that coupled with Timber Court’s covid-resilient larger unit sizes, results in strong cash flow. There is also value-add potential through raising rents with light renovations.”

Tours of Timber Court began Feb. 1, 2021.

Kiser Group, Chicago’s leading multifamily brokerage firm, advised on the sale of Vinan Apartments in Melrose Park, Ill. Located at 2901 Vinan Drive, the 64-unit multifamily asset sold for $4.15 million. Director Matt Halper and Advisor Danny Mantis represented both the buyer and seller.

"We began marketing this deal in the late fall of 2019 and it quickly went under contract in December after multiple offers were submitted,” said Mantis. “From there, this deal had no shortage of obstacles, including but not limited to the pandemic. We are very proud to have kept this deal together and ultimately bring this deal to a close. At 97.6% of list price, we are thrilled to achieve this price for the seller."

Despite the wait, the deal came with the added benefits of stable cash flows established by the seller.

“Vinan Apartments sold with full occupancy and collections, giving the buyer an opportunity to further improve cash flow through management efficiency,” said Halper. “With this, the buyer plans to increase rents and control expenses.”

Vinan Apartments includes a total of eight buildings with identical layouts. The asset includes 48 two-bedroom units and 16 one-bedroom units. Located on Grand Avenue between Wolf Road and Mannheim Avenue in Melrose Park, the asset is approximately one mile east of I-294 and five miles south of O'Hare International Airport.