Kiser Group, Chicago's leading multifamily brokerage firm, has advised on the $32.3 million sale of The Barry Quad, a three-building, 115-unit condo deconversion in the Lakeview neighborhood of Chicago. Kiser Group Advisors Andrew Friedman and Jake Parker represented both the seller, Barry Quadrangle Condominium Association, and buyer, North Park Ventures, in the transaction. 

"North Park Ventures is very pleased with the acquisition of Barry Quad, furthering our investment in multifamily in the north side of Chicago," said Robert Sekula, Managing Partner, North Park Ventures. "We continue to believe there is great value to realize in the various neighborhoods of Chicago and have worked tirelessly with all parties involved to bring this deal across the finish line."

Located on the 800 block of West Barry Street, the 115-units are spread across three buildings. 835-855 W. Barry, originally two distinct courtyard buildings containing 69 units, were fused together in the 1981 conversion with a pool, fitness room, party room, and sundeck in the middle. 856-864 W. Barry is a 34-unit courtyard building, and 850-852 W. Barry is a 12-unit vintage walk-up building. The Barry Quad sale represents only the second vintage walk-up property of 100 units or more to trade in Lakeview in the last decade.

"With three buildings, 115 units and 113 separate owners, the Barry Quad deconversion sale was a huge undertaking. Each building has its own distinct heating and cooling systems and differing amenities. Further complicating the effort, each individual unit had been customized since the 1984 conversion, leading to zero uniformity of unit finish levels. Pre-sale valuation and buyer due diligence were quite involved processes that required multiple property visits and coordination with owners. The closing process itself was its own undertaking, and we applaud seller attorneys Omar Malik and Ryan Shpritz from KSN Law and buyer attorneys Chad Poznansky and Danny Borek from Clark Hill for getting it across the finish line," said Friedman.

"Our Association began the effort to sell in a deconversion five years ago The process spanned a half dozen brokers, countless starts and stops and one global pandemic. In the end, it was Andy, Jake and the team from Kiser Group that was able to get this done. They earned the trust of our Association, which is what kept this deal alive. They attended countless board meetings, answered every email, phone call and negotiated a deal that benefits everyone. There's no doubt in my mind they were the only brokers who could have gotten this done," said John Tenfelder, Barry Quadrangle Condominium Association President.

"Our team has a strong track record with closing condo deconversions ranging in size and location throughout Chicago," said Parker. "Barry Quad had been attempting to sell in a deconversion since 2016, through both on-market listings and off-market efforts. This particular sale was one week from closing contingencies in March of 2020, when financing was lost due to the pandemic. Sheer determination from North Park Ventures and continual communication with the entire Association allowed the deal to stay alive and ultimately close. "

Notable Kiser Group Condo Deconversion Sales Include:

• 1140 N. LaSalle, a 250-unit condo deconversion in the Gold Coast that sold for $38,000,000.

• 4601 N. Dover, a 64-unit condo deconversion in Sheridan Park that sold for $12,500,000.

• Regency Terrace Condominiums, a 56 unit condo deconversion in Oak Park that sold for $8,885,000.

• 512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000.

"Condominium deconversion sales are alive and well in Chicago. While the type, size, and locations of buildings deconverting will differ from year to year, there still remains a meaningful value proposition for both unit owners and buyers. We do not see the end of this trend happening anytime soon," said Friedman.

Kiser Group, Chicago’s leading multifamily brokerage firm, has advised on four separate transactions in Gary, Indiana totaling $1.6 million. Advisor Kyle Sissell represented both the buyer and seller in all transactions. 

“I’m thrilled to have brought four transactions to a close so far this year,” said Sissell. “Indiana’s favorable landlord laws and steady rent increases due to demand in Lake and Porter Counties make Northwest Indiana a hot spot for investors locally, regionally and nationally. I anticipate  a steady stream of  transactions through the remainder of the year.”

Recent Gary, Indiana transactions include: 

• 3433 Colfax Street -- 40 mobile home spaces located just 30 minutes southeast of Chicago sold in an off-market transaction for $870,270.  

• 816 Pennsylvania Street -- located in Lake County’s northeastern corner, this 8-unit building sold for $380,000.

• 1164-70 Connecticut Street -- this two-building portfolio in Lake County’s northeast corner consists of 18-units and sold for $240,000.

• 1404 Jackson Street-- located in Midtown, Gary, this 5-unit property sold for $150,000. 

“Multifamily investment interest in Northwest Indiana is increasing from our Chicagoland clients. Kyle’s focus brings new opportunity and expands Kiser Group’s brokerage footprint,” said Kiser Group’s principal and managing broker, Lee Kiser. 

Kiser Group lists 5139 N. Broadway, a 37-unit mixed-use development on Chicago’s North Side, for $12 million. The listing is being marketed by Advisor Rick Ofman. 

“Chicago’s north side market continues to see steady investor interest,” said Ofman. “Located at the epicenter of three of Chicago’s hottest North Side neighborhoods for investments - Uptown, Edgewater and Andersonville, we expect a lot of local and out of state interest in this property.”

This mixed-use development was delivered in 2018 and comprises 36 residential units, and one commercial office space. The unit mix consists of 3 studios, 27 one-bedroom/one-bath, and 6 two-bedroom/two-bath apartments. All units feature high-end finishes including custom cabinetry, quartz countertops and stainless steel appliances. 

“Current ownership has taken great care of this property as it is still in like-new condition,” said Ofman. “The apartments are far larger than the average units in the neighborhood, plus they have fantastic layouts which maximize space and light. Demand for these units is through the roof in this market.” 

5139 N. Broadway residents have easy access to boutique shops, restaurants and to public transportation via the Red Line stops at Argyle and Berwyn. The location is also two blocks from Lake Shore Drive and the adjacent bike path.

Kiser Group’s Birk | Sklar team closed out an incredibly strong first quarter after an active 2020. In the last four months, the duo brokered 21 buildings totaling 380 units across Chicago’s south and west side neighborhoods. Partners Noah Birk and Aaron Sklar lead the team and anticipate this year’s momentum to continue to increase.

“With interest rates hovering at record lows, we are seeing incredible demand for multifamily assets. The high demand and low supply is yielding record setting prices for sellers,” said Birk. “The last six months have been the most active I have seen the South and West side markets in the last 10 years.”

Recent notable transactions include: 

• South Shore Apartment -- this undisclosed 70-unit apartment building sold for $5,200,000. 
• 3432-40 W. Franklin Blvd. -- located in South Humboldt Park, the 46-unit multifamily property sold for $3,700,000.
• 6553 S. King Dr. -- located in West Woodlawn, the 24-unit multifamily property sold for $1,900,000.
• 6800 S. Merrill Ave. -- located in Jackson Park, the 22-unit multifamily building sold for $1,650,000.
• 7752 S. Racine Ave. --  located in Auburn Gresham, the 41-unit mixed-use property sold for $1,650,000.
• 6420 S. Kenwood Ave. -- located in Woodlawn, the 14-unit multifamily building sold for $1,500,00.
• 7849-55 S. Escanaba Ave. -- located in the South Shore neighborhood, this 30-unit mixed-use building sold for $1,250,000. 
• 8055 S. Ada St.-- located in Auburn Gresham, the 18-unit multifamily building sold for $1,110,000.

“Looking at the amount of deals we have on the market and in escrow, this year’s pace is the highest we have seen in our career,” said Skar. “In the last four months, we’ve sold nearly $30 million in deals and we are seeing the south and west sides of Chicago continue to make their way onto more and more investor’s hot lists.” 

Kiser Group’s Birk | Sklar team remains the most active group of brokers throughout the Chicago multifamily market. Team members include Noah Birk, Aaron Sklar, Jack Petrando, Justin Turner, Austin Parker and Michael Yangas.

Kiser Group has closed the $3.7 million sale of 3432-40 W. Franklin Boulevard. This 46-unit multifamily property is located on Chicago’s West Side in the South Humboldt Park neighborhood.  

Advisors Jack Petrando, Danny Logarakis and Rick Ofman brokered the fully renovated property and represented both the buyer, RMRE Holdings, LLC and seller.

“We saw a lot of interest in this property with dozens of tours and a handful of offers,” said Petrandro. “Chicago’s West Side neighborhoods continue to attract investors looking for cash flowing buildings in appreciating areas.”

“Having listed this property in December, we are thrilled to bring it to a swift close,” said Logarakis. “The scale of this building is rare for the neighborhood and investors were quick to make offers.”

The property was built in 1927 and underwent a full renovation in the mid 2000s. It features 23 one-bedroom/one-bathroom units, 22 two-bedroom/one-bathroom units and one three-bedroom/one-bathroom unit. Rents range from $624 to $1,375 per month. 

“As the building was gut-renovated fifteen years ago, the buyer intends on completing cosmetic upgrades to some units,” said Ofman.  “Their major focus is improving operations, management, and tenant relations as they stabilize the asset.”

HP Ventures Group-Development Services LLC (“HP”) has acquired East Village Apartments in Downers Grove, Illinois for $7.1 million. Kiser Group’s Ron Plonis represented both the seller, Forth Group Real Estate, and buyer in the transaction.

“HP’s properties offer relatively large units in Chicago’s outlying neighborhoods and suburbs, features that have become more important than ever for tenants who work from home,” said Steve Cook, HP’s Managing Partner. “We think that the Chicago area offers excellent investment opportunities as we grow our portfolio of properties.”

“East Village Apartments hit the market in April of 2020, and immediately faced pandemic-related market pricing and capital markets obstacles,” said Plonis. “But as the demand for suburban locations with larger unit sizes increased throughout the pandemic, we were able to demonstrate value and find a perfect match in HP for our developer client.”

“Ron Plonis and Kiser Group were very helpful, doing in depth research to determine the market value and where our property should trade,” said Scott Seger, President at Forth Group Real Estate. “Having good data and local market knowledge was very beneficial when making decisions during this difficult time in real estate. I would recommend their services to property owners, investors and developers.”  

Located at 717 Rogers St. and 5001 Prospect Ave, the 20-unit, 3-story building was newly constructed in 2018. Floor plans include 18 two-bedroom/two-bathroom units and two one-bedroom/one-bathroom units. Downers Grove's close proximity to Chicago and positioning along the Metra’s BNSF line make it a desirable location within DuPage County. 

“Downers Grove’s multifamily market also saw increased occupancy, and rents through 2020 after,” said Plonis. “Chicago’s suburbs have definitely weathered if not thrived during the pandemic with collections higher in most properties than in similar products throughout the city.”