Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered an Evanston Portfolio for $17,025,000. The properties are located at 1940 Sherman Avenue and 829 Foster Street in Evanston, Illinois. The buyer, an undisclosed purchaser, bought the 87 apartment and 3 retail unit portfolio from Stephen Matic. The deal was brokered by Kiser Group’s Danny Mantis (Broker) and Lee Kiser (Principal and Managing Broker).
Stephen Matic and partners have owned 1940 Sherman Avenue since 1983 and 829 Foster Street since 2006. The majority of residents are Northwestern University students. The buildings are also in the same block as the CTA Purple Line Foster Station. The buildings have historically high occupancy and consistently remain 100 percent leased.
“There was concern in the market that Northwestern’s new policy requiring sophomore (in addition to freshman) students to live on campus would affect the building’s occupancy and rent levels,” said Kiser Group’s Managing Broker Lee Kiser. “However, these buildings have an exceptional location only one block from campus and the buildings have retained 100% occupancy.”
“The buyer does not plan on making these apartments a value-add play,” said Broker Danny Mantis. “Rather this is a buy-and-hold strategy for the investor.”
1940 Sherman Avenue is a 56-unit apartment building located on the southwest corner of the intersection of Sherman and Foster. The property includes a 16-car parking lot, a street-level office space, small indoor garage, income-producing storage spaces, and one commercial tenant. The building is well-maintained and professionally managed.
829 Foster Street is a 31-unit apartment building located a half block west of the intersection of Sherman and Foster on the north side of the street. The building has two commercial tenants and a rear parking lot for parking for the commercial tenants. The building was purchased through Kiser Group in 2006 and was gut renovated in 2007-2008.
Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, announces the promotion of Michael D’Agostino, CFA, to Senior Director from Director. D’Agostino focuses his brokerage efforts in Chicago’s North Side neighborhoods including Lincoln Park, Lakeview and Ravenswood.
D’Agostino, 33, is promoted after brokering $173 million in transactions and 1,174 units since joining Kiser Group in 2015. Recent notable closings include the $71 million sale of Advenir at Saddle Rock in Denver, and the $11.2 million sale of 167-affordable units in Bucktown and Logan Square. Currently, D’Agostino is brokering 1140 N. LaSalle, a 250-unit condo deconversion, that is under contract.
“Michael has developed expertise in numerous types of multifamily - traditional, affordable, condo deconversion, SRO - and continues to perfect his practice,” said Lee Kiser, Principal and Managing Broker at Kiser Group. “Michael is passionate about Kiser Group and his profession. We are grateful he is part of our team.”
Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, announces new hires including brokers Andy Friedman and Fred Yarandi, broker associate Tejonne Vinson, and analysts Scott Harris and Justin Turner. The brokerage firm also announces the promotion of Jake Parker from analyst to broker.
Broker Andy Friedman joins Kiser Group after numerous entrepreneurial ventures and a career as a trader at the Chicago Mercantile Exchange. Friedman focuses his brokerage efforts on condo deconversions and northwest side neighborhoods such as Logan Square.
Broker Fred Yarandi joins Kiser Group after being a real estate investor, himself and working as a packaging engineer for nearly three decades. Yarandi focuses his brokerage efforts in Chicago’s north side neighborhoods.
Broker Associate Tejonne Vinson specializes in Suburban Chicago deals and supports Broker Matt Halper. Previously, Vinson worked as a contract attorney and graduated from DePaul University College of Law.
Analysts Scott Harris and Justin Turner support Kiser Group’s Hyde Park Office, working closely with Senior Director Noah Birk and Director Aaron Sklar. Both Harris and Turner focus their attention on Chicago’s south side apartment markets.
Jake Parker, 24, was promoted after working as an analyst for a year and a half. Parker graduated from Michigan State University before working as an analyst at Kiser Group where he supported Director Michael D’Agostino. Jake Parker will focus his brokerage efforts throughout Chicago’s neighborhoods.
“Jake joined us with no previous experience in commercial real estate but has shown a great level of ambition, persistence and analytical intelligence,” said Lee Kiser, Principal and Managing Broker at Kiser Group. “He is a team player with his supportive nature and encouragement towards his peers.”
The wave of hires and promotions at Kiser Group comes after a recruiting campaign that began at the beginning of the year. Kiser Group continues to recruit additional brokers and recently expanded their footprint by opening a satellite office in Hyde Park.
Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered the sale of Blue Station Apartments, located at 2130 W 122nd St. in Blue Island, Illinois, for $18.6 million. The buyer, an undisclosed national portfolio owner, purchased the 345-unit apartment complex from Kinzie Realty Corp. The deal was brokered by Kiser Group’s Principal and Managing Broker Lee Kiser and Broker Matt Halper.
Kinzie Realty Corp assembled the apartments through multiple acquisitions. Then the company branded and managed the assets as Blue Station Apartments. Community amenities include an on-site convenience store and daycare center. Blue Station Apartments offers tenants easy access to the city with Metra stops steps from the complex – at both 119th St. and 123th St. The complex is also a half mile from I-57 and three miles from I-294.
“Kinzie Realty Corp took an institutional approach to a non-institutional part of the market making the workforce housing complex a community, complete with a full staff and tenant services,” said Lee Kiser. “This isn’t a typical investment strategy for workforce housing, but it has worked well for Kinzie Realty Corp.”
“This deal is a good example of a win-win. Kinzie Realty Corp bought the distressed units and had a strategic plan to renovate,” said Matt Halper. “They were able to make good returns on their successful value-add strategy, and buyer was able to get a very attractive cap rate on the acquisition.”
