Los Angeles, Calif. – Stepp Commercial, a leading multifamily brokerage firm in the Los Angeles market, has completed the $2.85 million sale of a nine-unit apartment property located at 821 S. Gramercy Drive within the Koreatown submarket of Los Angeles. The property was 66 percent vacant upon close of escrow, presenting significant upside potential for the new ownership.

Kiser Group’s Birk | Sklar team celebrated another active year with the sale of 40 buildings totaling 805 multifamily units. In the last five years, Partners Noah Birk and Aaron Sklar have sold more than 200 apartment buildings throughout Chicago’s south and west side neighborhoods.

“While 2020 presented a number of challenges throughout the real estate industry, I am incredibly proud of our team for selling 40 apartment buildings this year,” said Birk. “The demand for cash-flowing multifamily buildings is as high as I can recall, and 2020 saw the south and west sides of Chicago strongly benefit from that demand.”

Noteworthy Birk | Sklar team transactions in 2020 include:

Affordable Housing Investment Brokerage (AHIB) is pleased to announce that Levy House, located at 1221 W. Sherwin Ave. in Chicago’s East Rogers Park neighborhood, has sold for $8.1 million. The brokerage firm partnered on the listing with Kiser Group so that the seller had the benefit of AHIB’s expertise in affordable housing and Kiser Group’s mid-market multifamily expertise in Rogers Park. Kyle Shoemaker, Managing Director of AHIB represented the buyer, Preservation of Affordable Housing (POAH), and seller, a non-for-profit.

Berkadia announces it has arranged the sale of The Blake, a 281-unit, Class AA apartment community built in 2019 in the prestigious Winter Springs submarket of Orlando, Fla. Managing Directors Matt Wilcox and Brett Moss, Senior Managing Director Cole Whitaker, and Associate Tyler Swidler marketed the property on behalf of the seller, Catalyst Development Partners & HQ Capital. Preferred Apartment Communities (NYSE: APTS) acquired the property.

Berkadia announces it has arranged the sale of Brandywine Apartments, a 477-unit garden-style apartment community in St. Petersburg, Fla. Managing Director Jason Stanton of Berkadia’s Tampa office, and Senior Managing Director Cole Whitaker of Berkadia’s Orlando office, arranged the sale. A real estate fund managed by Covenant Capital Group, LLC, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, acquired the property from GMC Properties for $55.33 million.

Kiser Group, Chicago’s leading multifamily brokerage firm, advised on the sale of 820-822 Reba Place, a 12-unit multifamily property, in Evanston, Illinois. 820-822 Reba Place sold for $1,675,000 with Director Matt Halper, Advisor Danny Mantis, and Principal and Managing Broker Lee Kiser representing both the buyer and seller.