Kiser Group, Chicago’s leading multifamily brokerage firm, has listed The Oliver on LaSalle, located at 1140 N. LaSalle Drive at the border of the Gold Coast and Near North neighborhoods, for sale. Kiser Group previously brokered the 2018 sale when the property was deconverted from condominiums to apartments. Current ownership has completed extensive renovations to units, common areas, and mechanical systems and has added amenities including a roof deck and fitness room. Kiser Group’s Director Andy Friedman, Advisor Jake Parker and Principal & Managing Broker Lee Kiser are marketing the property subject to offer.
“The Oliver on LaSalle is an example of the value that is created by turning a condominium property into apartments. Current ownership purchased a property with multiple owners, a wide spectrum of in-unit finish levels, and deferred maintenance,” said Director Andy Friedman. “After extensive renovations and capital expenditures, the property is now a modernized and cohesive asset. Value-add opportunities still remain through completion of in-unit renovations and further addition of amenities.”
The 250-unit, eight-story building was originally built in 1924 as a luxury hotel. Later, it was converted to apartments, and in 2006 the property became condominiums. In 2018, the property was deconverted back to apartments and renamed The Oliver on LaSalle.
“Buildings of size seldom change hands in this area for a reason. It is one of the most desirable locations in the city from the renter's point of view as well as the ownership point of view,” said Advisor Jake Parker. “The Oliver on LaSalle presents investors with the opportunity to gain instant scale in this coveted sub-market. For those reasons, we expect a sale price to approach $50 million.”
Kiser Group’s Birk | Sklar team hit the ground running in 2022 after facilitating 73 total transactions in 2021, breaking the city’s record for multifamily properties sold in a year by a broker or team of brokers. Three weeks into the new year, the team – led by Kiser Group Partners Noah Birk and Aaron Sklar – has 21 properties on the market with an additional 38 apartment buildings already under contract.
“In 2021, demand outpaced the city’s low supply of properties,” said Birk. “We expect to see this trend continue, as high cap rates, readily available capital and low-interest rates create a perfect environment for those looking to enter or expand their multifamily portfolio.”
According to transaction data from CoStar, Birk and Sklar are the only brokers in Chicago to sell more than 50 buildings in a year. The previous record, also held by Birk and Sklar, was set in 2017 with a total of 53 closings. With 38 apartment buildings already under contract and 21 properties on the market, the Birk | Sklar team is on pace to break another record in 2022.
“We’re leveraging our expert knowledge of the South and West sides of the city to help clients with properties on the market, and we’re seeing great results so far,” said Sklar. “Both local and international investors have their eyes on Chicago,” said Sklar.
Notable properties currently on the market include:
- The Clyde South Shore Portfolio: 36 units, $3,450,000
- The Bronzeville HAP Portfolio: 21 units, $3,200,000
- 7816 S. Cornell: 31 units, $3,133,000
- 4512 & 4526 S. Calumet: 12 units, $2,200,000
Kiser Group's Birk | Sklar team includes Noah Birk, Aaron Sklar, Jack Petrando, Austin Parker, Justin Turner and Michael Yangas.
Kiser Group, Chicago’s leading multifamily brokerage firm, recently represented the buyer of The Washington, an 8-unit luxury apartment building with 6,500 SF of commercial space located at 720 N. Washington St. in Naperville. Essex Realty Group, Inc.’s Managing Director Brian Karmowski represented the seller, a development group led by Joshua Voit, and Kiser Group Advisor Ron Plonis represented the buyer.
“We are proud to have brought our client, an out-of-state professional seeking to preserve capital and hedge against inflation concerns, to this deal,” said Plonis. “While this is the highest price-per-unit transaction in Naperville this year, we believe there is long-term investment potential ahead as Naperville continues to appreciate and attract luxury renters.”
Built in 2018, the 8-unit luxury apartment units include a mix of large one-and two-bedroom floorplans. The 6,500 SF of commercial space is divided into two commercial units. The first-floor commercial tenants - Great Western Flooring and Gantos Dental Group - are currently on 10-year, NNN leases that expire in 2028 and 2029, respectively. The property also features 36 parking spaces.
“This building incorporates design and lifestyle components rarely seen outside of Chicago. The residences are well appointed with beautiful finishes and thoughtful layouts,” says Voit.
Kiser Group, Chicagoland’s leading multifamily brokerage firm, brings to market The Fredona Condominiums, located at 815-817 West Addison, in the Wrigleyville neighborhood of Chicago. The 16-unit condo building is listed for $5.5 million. Director Andy Friedman and Advisor Jake Parker are marketing the property and will lead the Fredona Condominium Association through the Section 15 Deconversion sale.
“Wrigleyville is experiencing a renaissance of new development and activity, as a result, rents are on the rise and property values are appreciating,” said Parker. “With favorable market conditions in a low velocity neighborhood, we are anticipating a competitive pool of buyers.”
The 16-unit building was converted from apartments to condominiums in 2005. At the conversion, all building systems were modernized and units were gut renovated. The floorplan includes all two-bedroom units equipped with individual HVAC, laundry, dishwashers, and individual hot water tanks.
Within walking distance of Wrigley Field, the surrounding area is rich with restaurants, entertainment, and public transportation.
“Condominium deconversions remain an appealing investment opportunity for the multifamily industry. The supply of condominiums and potential deconversions in Chicago is still plentiful, especially condominiums that were converted from apartment buildings,” said Friedman. “We look forward to leading the Fredona Condominiums Association through a successful deconversion.”
This listing marks the eighth condominium deconversion in 2021 for Andy Friedman and Jake Parker. Five of those listings are closed and two are currently under contract. In addition to full-building deconversion sales, the team has also closed one bulk transaction of 30 condominium units and has a bulk transaction of 58 condominium units scheduled to close by year-end.
Kiser Group, Chicagoland’s leading multifamily brokerage firm, brings to market an exclusive development opportunity in the growing Village of Barlett, northwest of Chicago, with Puckett Reserve. The planned community includes 146 units on 15 acres with an emphasis on creating a live, work and play environment for residents. Kiser Group Advisors Ron Plonis and Jeff Leibovich – who are exclusively marketing the $3.8 million opportunity – say this project is a unique find.
“Not only is the Village of Barlett growing, but the current Puckett Reserve concept has overwhelming support from Village leadership,” said Kiser Group Advisor Ron Plonis. “In addition, the current development team has indicated it would be willing to participate as needed to assist in bringing Puckett Reserve to life.”
Current owners of the property have designed conceptual plans that include a mix of studio, one-bedroom, two-bedroom and three-bedroom units along with a 10,000 square foot Amenity Building and thoughtful greenspace along with other outdoor amenities. The all-purpose, standalone amenity building would include a micro-office, fitness center, cybercafe, open workstations and conference rooms, among other offerings.
“When you look at the plans for Puckett Reserve and all it will bring to Bartlett, you realize how rare this opportunity is,” said Kiser Group Advisor Jeff Leibovich. “Current ownership was keen on building a unique community allowing residents to enjoy an oasis from the outside world. Not only is the development supported by neighbors, Bartlett leadership also supports annexation of the site. It’s a win-win for any potential investor.”
The 15-acre development is across the street from Villa Olivia Golf Course, 10 minutes from downtown Bartlett and five minutes from Metra station. With good access to highways 20 and 59, the community is ideally situated for the area.