Kiser Group, Chicagoland’s leading multifamily brokerage firm, advised the Magnolia Grace Condominiums Association through a Section 15 deconversion sale. Located at 3763 N. Magnolia Ave., the 12-unit condo deconversion in Chicago’s Wrigleyville neighborhood sold for $2.85 million. Kiser Group Advisors Andy Friedman and Jake Parker also represented the unnamed buyer.

“Condo 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 are pleased to have led another association through a successful deconversion. Our hands-on approach with the association resulted in all 12 owners accepting the contract and making for a seamless process from start to finish.”

The property was converted to condominiums in the 1980s and today features 11 spacious one-bedroom, one-bathroom units and one two-bedroom, one bathroom unit.

“The units at 3763 N. Magnolia Ave. vary in condition, with some being recently updated and some being vintage. The buyer plans to update vintage units and leave the updated units in their current condition,” said Kiser Group Advisor Jake Parker. “Wrigleyville is experiencing a renaissance of new development and activity, as a result the buyer views this building as a great long-term investment. ”

Kiser Group Advisors Friedman and Parker have a strong track record in transitions on Chicago’s Near North Side. Both Friedman and Parker focus on multifamily, mixed-use and condominium deconversion deals in the area.

 

Kiser Group’s Birk | Sklar team has brokered 53 apartment buildings throughout Chicago’s south and west side neighborhoods so far this year. According to transaction data from CoStar, Partners Noah Birk and Aaron Sklar are the only brokers in Chicago to have sold more than 50 buildings in a year. In 2017, Partner Noah Birk set a record with 53 closings, and this year he and Sklar are on pace to sell more than 70 multifamily buildings.

“Investors from around the world are making a strong push to get into the multifamily market on the South and West sides of Chicago” said Noah Birk, Partner at Kiser Group. “Demand is drastically outpacing supply right now, which has lead to a record number of transactions at record prices.”

“We’ve seen an influx in east coast investors seeking high cap rate deals in addition to the usual parties that are active throughout Chicago’s south and west sides,” said Aaron Sklar, Partner at Kiser Group. “Readily available capital and low-interest rates paired with appreciating multifamily assets created high demand in our market areas.”

Recent Transactions Includes

  • 8201 S. Michigan Ave. a 30-unit multifamily property in the Chatham neighborhood of Chicago sold for $2,500,000.
  • 8222 S. King Dr., a 21-unit multifamily property in the Chatham neighborhood of Chicago sold for $1,029,000.
  • 539 E. 46th Pl., a seven-unit multifamily property in the Grand Boulevard neighborhood of Chicago sold for $1,025,000.
  • 5000 W. Monroe, a 15-unit multifamily property in the South Austin neighborhood of Chicago sold for $1,020,000.
  • 8039 S. King, a 17-unit multifamily property in the Chatham neighborhood of Chicago sold for $833,000.
  • 6836 S. East End, a six-unit multifamily property in the Jackson Park neighborhood of Chicago sold for $725,000.
  • 8001 S. Dobson, a 15-unit multifamily property in the East Chatham neighborhood of Chicago sold for $725,000.
  • 6600 S. Laflin, a 10-unit multifamily property in the West Englewood neighborhood of Chicago sold for $670,000.
  • 8810 S. Cottage Grove, an eight-unit multifamily property in the Chatham neighborhood of Chicago that sold for $510,000.

Kiser Group’s Birk | Sklar team includes Noah Birk, Aaron Sklar, Jack Petrando, Austin Parker, Justin Turner, Michael Yangas and Ben Goldman. 

Kiser Group, Chicagoland’s leading multifamily brokerage firm, announces a new promotion today. Rick Ofman has been promoted to Director after five years with the company. As Director, Rick will continue to specialize in the sale of multifamily investment properties on Chicago’s North Side. 

 

“While I’m not big into titles, I am proud and humbled by this promotion,” said Ofman. “Coming to commercial real estate after teaching, I didn’t know quite what to expect, other than an opportunity to make it for myself through grit and determination. I feel lucky to have worked alongside some truly incredible people at Kiser Group.”

 

As an advisor with Kiser Group, Rick has brokered more than $140 million in multifamily real estate sales. His ability to empathize with clients allows him to truly understand their business goals and strategize efficient pathways to maximizing the value of their investments. Rick is an active member of the Edgewater Uptown Builders Association (EUBA) and Rogers Park Builders Group (RPBG). 

 

Prior to joining Kiser Group in 2016, Rick enjoyed a successful career teaching U.S. History and Mathematics in the northern suburbs and North Side of Chicago. He earned his B.S. in psychology and graduated with distinction from the University of Illinois at Urbana-Champaign before earning his M.A.T. from National-Louis University.

“Rick brings such a unique perspective to our firm,” said Kiser Group Principal and Managing Broker Lee Kiser. “Diversity in experience and background are key to building a strong team, and we appreciate how Rick shares his skills in relationship building with our clients.”

 

Kiser Group is currently hiring for several positions, including advisors. Learn more here.

 

Becovic, a Chicago-based multifamily owner and operator, has acquired 6758 N. Sheridan in Chicago, Illinois for $9.8 million. The deal was brokered by Kiser Group’s Advisors Rick Ofman and Danny Logarakis. Kiser Group represented both the seller, The Vranas Family Trust, and Becovic in the transaction.

 

“Investor interest in Rogers Park multifamily continues to rise. We had 38 tours, resulting in multiple competitive offers,” said Ofman. “It’s no surprise that more than 800 multifamily units in the neighborhood have changed hands so far this year.”

 

Originally built in 1974, 6758 N. Sheridan is a 73-unit 4+1 apartment building located on the east side of Chicago’s Rogers Park neighborhood. The building has 29 studio apartments and 44 one-bedroom units.”

 

“For decades, the seller had kept this building well-maintained,” said Logarakis. “When marketing this property, we conducted more than 30 tours and received nine offers. The value-add potential, as well as the Loyola University location of the building, was very appealing to potential investors.”

 

“We are big believers in Rogers Park,” said Sal Becovic, President at Becovic. “We are excited about the addition of The Sheridan Pratt at 6758 N. Sheridan to our communities and look forward to serving its residents.”

 

“During the 2nd and 3rd quarters of this year, we have experienced a tidal wave of multifamily investor activity throughout the Chicagoland area, as capital pent up during the pandemic began free-flowing back into the markets,” said Lee Kiser, Principal and Managing Broker of Kiser Group. “Rick and Danny did a great job corralling that activity for a successful marketing campaign.”

 

Kiser Group, Chicago’s leading multifamily brokerage firm, represented both the buyer, TLC Management and seller, Greenstone Property Group, in a $43 million, 188-unit off-market deal. Kiser Group’s Principal and Managing Broker Lee Kiser represented both parties in the transaction.

 

5815. N Sheridan last sold in 2018 for $27.2 million. Greenstone Property Group purchased the multifamily asset and began an extensive value-add program.

 

“In 2018, I reached out to Greenstone Property Group after they acquired the property and told them it was a great purchase on a price per unit basis,” said Kiser. “Since then, they completed significant capital expenditures including renovating 70% of the apartments, replacing the passenger elevators, and installing new boilers.”

 

The building was a condominium when previously on the market and Greenstone’s purchase resulted in a deconversion of the building. The building consists of mostly one-bedroom apartments, ranging from 515 square feet to 780 square feet. The most unique feature of the property is its location. The building is one of the only high-rise rentals in the City of Chicago that fronts Lake Michigan.

 

“While there have been extensive renovations completed, there is still so much value to add and potential with this building. We will continue updating units and add even more amenities and services for residents,” said Stuart Handler, CEO at TLC Management. “This is the only apartment building of scale that I am aware of with a private beach on Lake Michigan - which is the most incredible amenity.”

 

“This is a true win-win scenario for a seller who made a great buy, began capital improvements, and was able to achieve a significant profit in a short span and for a buyer who sees the path to create a unique rental property by completing the renovation, adding amenities commensurate with the location, and branding the building for its location and private beach,” said Kiser.

Kiser Group, Chicagoland’s leading multifamily brokerage firm, announced the sale of 29 condominium units in a 37-unit multifamily property in Chicago’s Uptown neighborhood. The bulk sale represents 75% ownership in the condominium association for 850 W. Margate Terrace.  Kiser Group Advisors Andy Friedman and Jake Parker represented both the buyer, Lakepointe Properties, and seller, an unnamed family trust, in the transaction.

“This bulk sale offers a unique opportunity, both immediately and in the future,” said Kiser Group Advisor Andy Friedman. “The buyer already has great potential with his plans for renovation, and he will come in with three-quarter ownership in the building’s association, giving him a majority position conducive for a full-building deconversion at a later date.”

 

850 W. Margate Terrace is a 37-unit building on a residential street near the shores of Lake Michigan. This 29-unit sale consists of 10 studios, three junior one-bedroom units, 13 one bedroom units and three two-bedroom units.

 

“The units and common areas at 850 W. Margate are in vintage condition, so the new owner has great value-add potential at this property,” said Kiser Group Advisor Jake Parker. “Uptown is one of the fastest growing neighborhoods in the city and the majority of the units are currently rented well below market rates.  The return on renovation spend here will be significant.”

 

Kiser Group Advisors Friedman and Parker have a strong track record in transitions on Chicago’s Near North Side. Both Friedman and Parker focus on multifamily, mixed-use and condominium deconversion deals in the area.

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