Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered two separate multifamily transactions on the west side of Chicago. 1015 N. Pulaski sold for $1,900,000, and 4301 W. Gladys sold for $950,000.
1015 N. Pulaski is a 32-unit apartment building located in the Humboldt Park neighborhood of Chicago that recently sold for $1,900,000. Kiser Group’s Danny Logarakis and the Birk Sklar team of Kiser Group represented both the buyer and seller.
“Even with 1015 N. Pulaski’s NSP rent restrictions, it traded at a 7% cap rate,” said Logarakis. “Cap rate compression has been a trend that we’ve continued to see all over the west side of the city.”
“There is no shortage of investors looking for apartment buildings in Humboldt Park. Anytime we bring a building to the market in the area, investor demand is impressive,” said Jack Petrando of Kiser Group's Birk Sklar team. “1015 N. Pulaski was no different. The building received an abundance of activity and yielded a great result for both parties.”
4031 W. Gladys is an 18-unit building located in the West Garfield Park neighborhood of Chicago that recently sold for $950,000. Kiser Group’s Marco Cesario represented the buyer and Danny Logarakis represented the seller.
“4031 W. Gladys has been under contract for over a year and due to multiple approvals needed from the City of Chicago, HUD and other agencies, we are proud to have brought this deal to a close,” said Logarakis. “COVID affected the timing of everything from financing to approvals. We were determined to get this deal done, and it took a relentless team to stay the course and keep the parties engaged.”
“During these unprecedented times, buildings that are deemed affordable housing with HAP contracts or even the property consisting a vast majority of Section 8 vouchers, seem more attractive because the government guarantees the rent. That being said, this type of asset was very attractive to the buyer because of their investment goals,” said Cesario.
Recent west side transactions include 821 S. Springfield and 640-42 N. Cicero. Kiser Group has additional westside side multifamily listings including 3815 W. 18th St., a 16-unit value-add building, 856 N. Pulaski, a 5-unit mixed-use building, and a 4209-4211 W. Cermak, a 5-unit mixed-use building. View all of Kiser Group’s available inventory at www.kisergroup.com/properties/available-properties.
Graceway Corners, located at 3751 N. Halsted St., has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Located at the three-way intersection of Broadway, Halsted, and Grace in Lakeview, the three-story mixed-use building features 24 residential units and 14 commercial units. Graceway Corners is represented by Kiser Group’s listing team Andy Friedman, Jake Parker, and Lee Kiser
“We expect a wide range of investor interest, from reconfiguration to complete redevelopment, due to the location of Graceway Corners at the convergence of Lakeview, Wrigleyville and Boystown,” said Kiser.
Graceway Corners’ site is 17,305 square feet and zoned C1-2. The asset was built in 1927 as a hotel and later converted to a 117-bed boarding house as the neighborhood deteriorated. In the early 1980s, the current owner bought and renovated the property resulting in nearly 13,600 square feet of retail and 24 apartment units.
“Graceway Corners was one of the first and most pivotal redevelopments in the 1980s, helping change the direction of the neighborhood, which encouraged additional redevelopment and investment,” said Friedman. “Current ownership has taken great care of this property for the last 36 years.”
The current residential units are a combination of loft-style flats and duplexes. Flats range from 656 to 915 square feet and average $1,303 per month in rent. Duplexes range from 970 to 1,428 square feet, and the average rent is $1,699 per month. Graceway Corners’ 14 commercial spaces total nearly 13,600 square feet.
“Area amenities such as Whole Foods, the Addison CTA Red Line Station, restaurants, bars, Wrigley Field and Chicago’s lakefront parks create strong tenant demand, which should result in the absorption of higher rent levels at the property,” said Parker. “The possibility of reconfiguring the units to layouts more consistent with recent developments will create even higher yields for an investor.”
Kiser Group anticipates investor interest from Chicago multifamily investors, as well as out-of-state and international buyers.
“Opportunities in locations like this are infrequent. That coupled with the value-add potential of Graceway Corners should create a high level of investor activity during the marketing,” said Friedman.
Kiser Group, Chicago’s leading multifamily brokerage firm, announces Aaron Sklar, 32, has been named Partner. Sklar is the second Partner at Kiser Group, following Noah Birk, after co-founders Lee Kiser and Estella Kiser created equity positions in the company.
“We are grateful Aaron chose Kiser Group as the place to build his brokerage business,” said Lee Kiser, Principal and Managing Broker. “Aaron continues a meteoric rise, having been promoted to Senior Director just last year. We are pleased to welcome him as a Partner at Kiser Group.”
Since 2015, Sklar has successfully completed transactions in excess of $165 million on behalf of his clients encompassing 123 properties and more than 2,900units. He has established himself as a multifamily market leader throughout the south side of Chicago including South Shore, Jackson Park and Chatham. Sklar has been named a CRE Future Leader by RE Journals, named One To Watch by Bisnow and is regularly mentioned and quoted by an assortment of news and media outlets. In 2017 and 2019, Sklar earned Kiser Group’s Top Closer award. Additionally, Sklar earned two 2019 CommercialForum Top Producer awards by the Chicago Association of REALTORS including Platinum for Multifamily Transactions and Gold for Multifamily Sales Volume.
“I’m excited for the company’s future and honored to become a Partner at Kiser Group,” said Aaron Sklar, Partner. “When I joined the firm, I quickly teamed up with Noah Birk and filled an incredibly necessary gap in Chicago’s real estate market. In the past five years, we have become the City’s most active multifamily brokers solely focusing on Chicago’s south side. Looking ahead, we hope to replicate our success by expanding to tertiary markets and continuing to grow our team. We’ll be using our current infrastructure and high level attention to detail while providing our clients with the highest level of service.”
Sklar graduated from the University of Michigan with a degree in Economics and is an active member of the South Side Community Investment Association.
520 Rentals, located at 520 Des Plaines Avenue in Forest Park, Illinois, has been listed for sale exclusively by Chicago-based multifamily brokerage firm Kiser Group. The 50-unit, mid-rise building was built in 1960 and has been extensively renovated by the current owner. The units are a mix of two-bedroom, two-bathroom, one-bedroom, one-bathroom, and studio apartments. The property also features 54 parking spaces, a fitness center and laundry room. 520 Rentals is represented by Kiser Group’s Director Matt Halper and Broker Danny Mantis.
“520 Rentals offers a high-quality product in the area that wasn’t previously available,” said Halper. “This turn-key investment opportunity attracts high caliber tenants, and the building amenities rival those of Class A assets in the submarket.”
Rents range from $1,625 to $1,725 per month for two-bedroom units, $1,196 to $1,429 per month for one-bedroom units and studios are priced at $1,139 per month.
“The property is ideally situated in the near west suburban Chicago submarket and offers easy access to transportation, retail, and popular restaurant options,” said Mantis. “Both the CTA Blue Line station and I-290 are located three blocks to the south, while Madison Avenue, the shopping and entertainment hub, is three blocks to the North.”
Kiser Group anticipates investor interest from out-of-state in addition to the Chicago investment community.
Kiser Group, Chicago's leading multifamily brokerage firm, announces Jack Petrando has been promoted from Analyst to Broker.
Petrando joined Kiser Group as an analyst for Noah Birk and Aaron Sklar's Team in 2019. He has now launched as a Broker to increase the team’s market share by focusing on the west side of the city. Petrando previously worked at Northern Trust and graduated from Indiana University with a degree in Finance.
"His attention to detail and market knowledge have been critical to his success," said Senior Director Aaron Sklar. "Not only is Jack extremely analytical, but he also exhibits the highest level of both intrapersonal and interpersonal skills required to succeed in the industry.”
“He brings an incredible attitude and strong work ethic to the table every day,” said Partner Noah Birk. “Jack is going to be successful. We’re really excited to watch his brokerage career take off.”
“Over the last few years, it has been great to see Noah Birk and Aaron Sklar team up in their brokerage efforts,” said Principal and Managing Broker Lee Kiser. “Their team now comprises multiple analysts, a senior associate and Jack Petrando as a Broker.”
LaSalle Towers, located at 1211 N. LaSalle Dr., has been listed for sale exclusively by Chicago-based multifamily brokerage firm Kiser Group. The 70-unit, 19-story building was built in 1929 as a hotel, later converted to apartments, and in 2006 was converted to condominiums. The units are a mix of one-bedroom, one-bathroom and two-bedroom, two-bathroom apartments. The property also features two commercial spaces. The LaSalle Towers Condominium Association is represented by Kiser Group Brokers Andy Friedman and Jake Parker.
“At the convergence of multiple neighborhoods, amenities, proximity to transit and Chicago near north lifestyle, we expect a high level of investor interest,” said Parker. “LaSalle Towers is a rare opportunity for investors looking for scale in one of Chicago’s most iconic neighborhoods.”
Condo deconversions, or section 15 sales, in the city of Chicago require 85% of condo owners to vote yes for the sale to go through. Kiser Group’s systematic process of deconversion sales helps guide both unit owners and buyers through the sale, maximizing the odds of a successful close.
“The association has received multiple offers in the past few years and ultimately chose Kiser Group to lead a professional marketing campaign,” said Friedman. “Half of the units are already being used as rentals so it’s not surprising that the property attracts so much investor interest. The association realized that it would be in their best interest to run a formal marketing process rather than accepting unsolicited offers, and chose Kiser Group to represent them. Successful condominium deconversions require much more than connecting a buyer and seller. Unit owners have a much better experience when there is a broker deeply experienced in condominium association issues who guides them through every step along the way. We look forward to representing LaSalle Towers in this process.”
“LaSalle Towers is the type of property that is most resistant to economic cycles,” said Parker, “Because it is located in one of the most proven core neighborhoods in Chicago, yet has reasonable rent relative to the submarket.”
Kiser Group anticipates investor interest from out-of-state and international buyers in addition to the Chicago investment community.
