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.

Timber Court, located at 3400-20 N. Old Arlington Heights Rd. in Arlington Heights, Illinois, has sold for $16 million to a Chicago-based portfolio apartment investor. The 72-unit property was listed for sale by multifamily brokerage firm Kiser Group with Advisors Ron Plonis, Lee Kiser and Jeff Leibovich representing both the condo association and the buyer. Ray Cahnman was the president of the board of directors for the condo association and also one of the original developers of the project.

The closing of the sale completes the final chapter for Cahnman in a long story that began before the 2008 crash. Built in 2007, Timber Court was originally designed to be a three-building campus. Only two buildings were constructed, each with 36 large units and indoor parking. In early 2012, Timber Court learned that one of the developer partners, David Zazove, was wrongly diverting funds from Timber Court (and several other developments) for his personal benefit. In May 2018, Zazove was expelled from Timber Court. On September 16, 2019, after almost six years of litigation, Zazove was ordered to repay $7.7 million in damages to his former partner Ray Cahnman. 

“Kiser Group ran a very competitive marketing campaign and the association benefitted from a good price for the property,” said Cahnman. “That said, Timber Court was a financial disaster for me personally.  I wish the best for the new owners.”

“Timber Court attracted interest from local and regional apartment investors,” said Kiser. “The potential for building additional density was also appealing to developers, as well.”

“Chicago’s suburban multifamily real estate continues to be an attractive investment,” said Plonis. “Our aggressive nationwide marketing of Timber Court, with its high occupancy rates and long-term tenants, coupled with the low cost of multifamily capital, resulted in several tours, and multiple offers.”

“The demand for quality properties in the suburban market continues to be strong,” said Leibovich. “This was evident when offers were made within a day of tours.

• 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