Kiser Group, Chicagoland’s leading multifamily brokerage firm, recently brokered the $4.915M sale of a 23-unit property at 924 W. Newport Avenue in Chicago’s Lakeview neighborhood. Director Andy Friedman and Advisor Jake Parker represented both the buyer and seller in this off-market 1031 exchange.

“Lakeview is a tried-and-true core multifamily submarket. It’s a desirable and stable neighborhood that continues to grow,” Kiser Group Director Jake Parker said. “In addition to its incredible location – close to transportation, restaurants and retail options – this property aligned well with our buyer’s portfolio goals and 1031 exchange needs.”

924 W. Newport Avenue was renovated in 2017 and offered the buyer a turn-key investment opportunity in the desirable Lakeview neighborhood.  All 23 units – a mix of studios, one-bedroom and two-bedroom units – have in-unit laundry and modern finishes. The neighborhood offers residents great walkability and access to public transportation.

“We handle a variety of transactions on the North Side of Chicago,” Kiser Group Director Andy Friedman said.  “We’ve closed everything from a five unit building in Lincoln Park to a 115 unit condominium deconversion in Lakeview, and many buildings in between.  For this particular sale, we set a record for per-unit pricing on a corridor-style building at almost $214k per door.”

For properties available on the North Side of Chicago, visit KiserGroup.com.