Property Acquisitions and Dispositions

A 21-building multifamily portfolio, being marketed as 21 Northwest, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The portfolio is being offered at $8,854,000 for 73 apartment units spread across Galewood, North Austin, Belmont Cragin, Hermosa, Logan Square and the suburb of Elmwood Park. A private investment firm assembled the portfolio for over ten years. Listing agents for the assignment are Kiser Group’s Rick Ofman, Danny Logarakis and Marco Cesario.
 
“The city properties are all within a mile and a half radius of each other and offer investors the ability to raise rents to market rate without updating units,” said Broker Rick Ofman. “For additional rent growth, investors could make luxury cosmetic upgrades. The rents of the few units that already have stainless steel appliances, granite countertops, and completely new bathrooms demonstrate the potential for 20% rent increases.”
 
Current ownership renovated the units between 2009 and 2013 and completed electrical, plumbing and cosmetic updates. All of the properties have copper plumbing, newer windows, well-maintained or new roofs, refinished hardwood floors, updated kitchens and bathrooms, and individual hot water tanks and furnaces. 
 
“The apartment units and buildings have been immaculately maintained,” said Broker Danny Logarakis. “All of the capital improvements that needed to be completed, have been.”
 
Throughout the 21 buildings, floorplans range from studio to four-bedroom duplexes, and rents range from $650 to $2,000 per month. 
 
“Most of the rents fall between $900 to $1,100 with 55 of the 73 units being two-bedrooms,” said Broker Marco Cesario.

 

Fort Lauderdale, Fla. (August 1, 2019) – Franklin Street arranged the sale of two apartment properties totaling 22 units located just a few miles north of downtown Fort Lauderdale, Fla.  The properties – Villas on 18th in Fort Lauderdale and Lanai Apartments in nearby Oakland Park – were brokered by the Franklin Street multifamily investment sales team of Dan Dratch, Greg Matus and A.J. Stanford.

Long Beach, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the approximately $1.86 million sale of a value add 11-unit apartment property located at 2121 Long Beach Blvd. in the South Wrigley submarket of Long Beach.

TruAmerica Multifamily, which owns and operates nearly 2,000 multifamily units in Phoenix AZ, has acquired Covington Park, a 520-unit garden-style apartment community for $77.26 million.

TruAmerica Multifamily, which owns and operates nearly 2,000 multifamily units in Phoenix AZ, has acquired Covington Park, a 520-unit garden-style apartment community for $77.26 million.

PORTLAND, ORE., July 31, 2019 – JLL announces that it has closed the $58 million sale and $37.7 million financing of Tupelo Alley, a mixed-use community with 188 apartments units and 10,000 square feet of retail in the heart of the North Mississippi Avenue neighborhood in Portland, Oregon.

CHARLOTTE, N.C., July 31, 2019 – JLL announces it has closed the sale of Novel NoDa, a 344-unit, mid-rise apartment community in Charlotte, North Carolina.

MIAMI, July 30, 2019 – JLL announced today that it has closed the $30.3 million sale of The Gardens at Nova, a 140-unit, value-add multi-housing community in Broward County, a prime suburban growth market in South Florida.

 Commercial Real Estate Investment Firm Has Acquired More Than 2,300 Units in the Last 18 Months