Kiser Group, Chicago’s leading multifamily brokerage firm, advised The 1319 West Sherwin Condominium Association through a Section 15 deconversion sale. Located at 1319-27 W. Sherwin, the 28-unit Rogers Park building sold for $3,500,000. Advisors Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman represented the buyer, a private investor, and association.

“We are happy to have led the association through a successful deconversion,” said Friedman. “This association had different brokers trying to sell the building off-market for three years. With an exclusive listing agreement and proper marketing, we were able to put this deal under contract in three weeks. This was accomplished in spite of a marketing launch during the stay-at-home order, and once again validates our process for successful deconversion sales."

“Like many condo deconversions, this building had a bulk owner,” said Parker. “We negotiated an offer that worked for everyone, which translated to overwhelming association support for the sale.”

“Chicago’s north side apartment market continues to see steady investor interest,” said Ofman. “Rents in East Rogers Park for condo-quality finishes have dramatically increased recently. The buyer plans to capitalize on this by updating the vintage finishes in units.”

 “1319 W. Sherwin sold for just shy of list price. It went under contract three weeks after we began marketing,” said Logarakis. “Though we were limited in our ability to physically tour the building, we showed the building virtually to multiple investors and quickly found our buyer.   

The 28-unit, 3-story building was initially built in 1962 as apartments. In 2008, Kiser Group brokered the sale of the building to the developer that converted the units to condominiums. The building features 16 one-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom units. 

Kiser Group, Chicago's leading multifamily brokerage firm, advised the 5027-29 N. Harding Condominium Association through a Section 15 deconversion sale. Located at 5027-29 N. Harding, the 13-unit Albany Park building sold for $1,950,000. Advisors Andy Friedman and Jake Parker represented the association in the sale.

"We are proud to have completed another successful condo deconversion," said Friedman. "This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments."

"5027 N. Harding fit the mold of a property that would benefit from deconversion with a high percentage of rental units and poor individual unit resale values," said Parker. "Albany Park's multifamily market continues to see upward movement in rent, and the new owner looks to make improvements to capture top of the market rents."

The 13-unit, 3-story building was initially built in 1931 as apartments. The building converted to condos in 2006 and features 11 two-bedroom, one-bathroom units and 2 one-bedroom units.

Kiser Group’s Birk | Sklar team recently brokered the sale of 6754 S. Cornell. The 12-unit building sold for $1,400,000, setting a South Shore neighborhood record price-per-unit record for an apartment sale. Partner Noah Birk and Partner Aaron Sklar represented both the buyer and seller in the transaction.

“We love seeing investment dollars pour into the south side,” said Birk. “If you would have told me about this price-per-unit a couple of years ago, I would not have believed it. With a supply of newly renovated units on the market throughout the south side, we’ve been blown away by the continued appreciation in the market.”

With six additional buildings sold in the last month and 14  deals under contract, The Birk | Sklar team remains the most active brokers throughout the Chicago multifamily market.

“Our team has been incredibly active throughout the pandemic and is on pace to have our best year,” said Sklar. “As more out-of-state and international investors continue to enter the market, we continue to see more and more record-breaking deals.”

Birk | Sklar Transactions over the past  Include:

• 7700 S. Jeffery –  located in the South Shore of Chicago, the 26-unit apartment building sold for $1,250,000.

• 718-728 W. 50th – located in the Back of the Yards neighborhood, the 10-unit apartment building sold for $990,000.

“We are thrilled to set another price-per-unit record in Back of the Yards,” said Sklar.

• 7006 S. Cregier - located in Jackson Park, the 11-unit apartment sold for $855,000.

• 1528 N. Avers - located in Humboldt Park, the six-unit apartment sold for $710,000.

• 7257 S. Princeton - located in the Greater Grand Crossing neighborhood, the 12-unit apartment sold for $585,000.

• 6842 S. Perry - located in Greater Grand Crossing, the six-unit apartment sold for $380,000.

Members of Kiser Group’s Birk| Sklar team include Noah Birk, Aaron Sklar, Jack Petrando, Justin Turner, Austin Parker and Michael Yangas.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently represented the buyer and seller of Park Beach Apartments, located at 5327 S. Cornell Ave. in the Hyde Park neighborhood. The 77-unit Single Room Occupancy (SRO) building sold for $2,200,000. Jimal Gilbert and Lee Kiser were the brokers in the transaction.

“Park Beach Apartments offers the buyer the opportunity to own a stabilized building with seasoned staff in a highly-sought rental location. The buyer will continue operating the property as an SRO, providing needed affordable housing in Hyde Park,” said Jimal Gilbert, Advisor at Kiser Group. “Because the property addresses affordable housing, the transition between owners required approval from the City of Chicago. We are truly grateful for the speed and transparency with which the City engaged. They went above and beyond helping us complete this transaction.”

Park Beach Apartments includes 27 private bathroom units and 50 semi-private units.

View all of Kiser Group’s available inventory at www.kisergroup.com/properties/available-properties.

Kiser Group is pleased to announce the official formation of the Birk | Sklar team. Since 2015, Noah Birk and Aaron Sklar have been working together to help their clients on the acquisition and disposition of multifamily properties throughout the south side of Chicago. According to CoStar, Birk and Sklar have sold more apartment buildings than any other broker in Chicago since 2015. Kiser Group’s Birk | Sklar team now extends its representation of clients to the westside of Chicago and additional neighborhoods.

“It is critical to Kiser Group’s future that top producers, like Noah and Aaron, are able to build their businesses in a way they deem strategic for obtaining greater market share. When Noah and Aaron first proposed the concept, we did not yet have adequate guidelines, protocol and structure for team formation,” said Principal and Managing Broker Lee Kiser. “Since then, we have been working with Noah and Aaron to establish a system for creating their team and a template for future teams. Kiser Group’s success as a company comes from recruiting and training the right personnel, then supporting their goals for broader market share.”

“We’re excited for the opportunity to continue growing and serving more clients,” said Kiser Group Partner Noah Birk. “The team formation helps us leverage the success and market share we’ve established on the south side into a strategy for expanding our geographic footprint.”

“So far in 2020, our team has brokered 22 buildings and 550 apartments. While the economic effects of COVID-19 have impacted many multifamily brokers, our team is as busy as ever,” said Kiser Group Partner Aaron Sklar. “There is no indication that our market areas will slow down, with most properties experiencing low vacancy and high rent collection.”

During the past few years, the pair have hired support staff to accommodate their growing book of business. Today, in addition to Birk and Sklar, the team comprises a new Broker, two Analysts and a Senior Associate. 

• Jack Petrando worked at Kiser Group as an Analyst for Birk and Sklar and recently became the team’s first Broker addition in May 2020.  Petrando’s focus is growing the team’s market share on Chicago’s west side.

“We couldn’t be more pleased with Jack Petrando’s launch to Broker. He has several recent listings on the west side of the city and is already an important part of the team’s trajectory,” said Kiser.

• Analysts Austin Parker and Adam Lenchner joined Kiser Group to support the team with market research, cold calling and showings.
• Justin Turner joined Kiser Group in 2018 as an Analyst. Today Turner is a Senior Associate and manages the team’s analysts and deal flow.

The team is seeking additional staff and brokers to support their growing market presence. The Birk | Sklar team currently operates from Kiser Group’s South Loop office. 

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered two separate multifamily transactions on the west side of Chicago. 1015 N. Pulaski sold for $1,900,000, and 4301 W. Gladys sold for $950,000. 

1015 N. Pulaski is a 32-unit apartment building located in the Humboldt Park neighborhood of Chicago that recently sold for $1,900,000. Kiser Group’s Danny Logarakis and the Birk Sklar team of Kiser Group represented both the buyer and seller.

“Even with 1015 N. Pulaski’s NSP rent restrictions, it traded at a 7% cap rate,” said Logarakis. “Cap rate compression has been a trend that we’ve continued to see all over the west side of the city.”

“There is no shortage of investors looking for apartment buildings in Humboldt Park. Anytime we bring a building to the market in the area, investor demand is impressive,” said Jack Petrando of Kiser Group's Birk Sklar team. “1015 N. Pulaski was no different. The building received an abundance of activity and yielded a great result for both parties.”

4031 W. Gladys is an 18-unit building located in the West Garfield Park neighborhood of Chicago that recently sold for $950,000. Kiser Group’s Marco Cesario represented the buyer and Danny Logarakis represented the seller.

“4031 W. Gladys has been under contract for over a year and due to multiple approvals needed from the City of Chicago, HUD and other agencies, we are proud to have brought this deal to a close,” said Logarakis. “COVID affected the timing of everything from financing to approvals. We were determined to get this deal done, and it took a relentless team to stay the course and keep the parties engaged.” 

 “During these unprecedented times, buildings that are deemed affordable housing with HAP contracts or even the property consisting a vast majority of Section 8 vouchers, seem more attractive because the government guarantees the rent. That being said, this type of asset was very attractive to the buyer because of their investment goals,” said Cesario.

Recent west side transactions include 821 S. Springfield and 640-42 N. Cicero. Kiser Group has additional westside side multifamily listings including 3815 W. 18th St., a 16-unit value-add building, 856 N. Pulaski, a 5-unit mixed-use building, and a 4209-4211 W. Cermak, a 5-unit mixed-use building. View all of Kiser Group’s available inventory at www.kisergroup.com/properties/available-properties.