Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered a three-building, 36-unit portfolio located in the Portage Park neighborhood of Chicago. The portfolio included 3905-11 N. Linder, a 10-unit building; 3514-18 N. Long, a 16-unit building; and 3816-24 N Long, a 10-unit building. Drexel Properties purchased the portfolio for $3,525,000 from a long-time Chicago landlord. Kiser Group Broker Rick Ofman was the sole broker in the transaction.

“The focus needed for this deal was a welcome distraction from all the more pressing things in our lives right now,” said Ofman. “The buyer was determined to close on this value-add investment as it increases his already substantial presence in the area; however, it was far from easy. There were numerous active violations on each property, and we worked through countless obstacles to close.”

The portfolio features mostly two-bedroom units, with a few studios and one-bedroom units. The average two-bedroom rent is $1,200 and average one-bedroom rent is $950 per month.

East Village Apartments, located at 717 Rogers Street, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The 20-unit complex comprises two, 10-unit buildings and were built in 2018 by Forth Group. Floor plans include 18 two-bedroom, two-bathroom units and 2 one-bedroom, one-bathroom units with below market average rent of $2,196 per month. East Village Apartments is listed for $8,500,000 and represented by Kiser Group Broker Ron Plonis.

“Downers Grove is 22 miles west of Chicago and a desirable town located along Metra’s BNSF line,” said Plonis. “Located in DuPage County, residents enjoy ample employment opportunities in healthcare, sciences and other industries as well as proximity to Chicago’s employment market.”

Kiser Group anticipates investor interest from local, out-of-state and international buyers.

“This is an unusual and rare opportunity to acquire a newly constructed TOD asset, with predictable and stable DuPage County property taxes,” said Plonis.

Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar have closed the sale of 398 units and 12 buildings for $27 million throughout Chicago’s south side neighborhoods so far this year. The team focuses their brokerage efforts in south side neighborhoods such as such as South Shore, Woodlawn, Chatham and Auburn Gresham.

“We are seeing the demand for south side buildings outpace the supply, which has really driven the prices on these assets higher,” said Birk. “This competitive buying environment has yielded some eye-popping results.”

“Despite the onslaught of COVID-19 concerns at the end of the first quarter, buyer interest remains at elevated levels,” said Sklar. “We have numerous deals in escrow, we put several more under contract during the last few weeks of March, and we’ve listed new buildings that we’ll bring to market in April. We’re optimistic the second quarter of 2020 will be even stronger than the first.”

Notable Q1 Transactions:

• Jackson Park-South Shore Drive Portfolio (7500 S. South Shore Dr., 6916 S. Clyde Ave and 7O38 S. Chappel Ave) sold for $18,400,000. Birk and Skar represented both the buyer and seller of the 208-unit portfolio.
• 7420 S. Colfax Ave. Chicago, a 27-unit South Shore apartment building sold for $2,025,000. Birk and Sklar represented both the buyer and seller.
• 7042 S. Michigan, a 32-unit Greater Grand Crossing apartment building that sold for $1,100,100. Birk and Sklar represented both the buyer and seller.
• 7254 S. Jeffery, a 34-unit South Shore apartment building that sold for $1,150,000. Birk and Sklar represented both the buyer and seller.
• 7251 S. Phillips, a 36-unit South Shore apartment building that sold for $1,740,000. Birk and Sklar represented both the buyer and seller. 

 Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered a five-unit Ukrainian Village apartment building located at 1101 N. Damen for $2,100,000. Kiser Group Broker Rick Ofman represented both the seller, Ukrainian Village Capital, LLC, and a private buyer.

“Investment appetite for this Ukrainian Village apartment was very high. We had 15 tours in 10 days of showings resulting in four offers within 8% of the list price,” said Rick Ofman. “Featuring a 3,500 square-foot penthouse suite, this building was not your typical multifamily asset. Undoubtedly the suite raised the value of the building, but certainly not without limiting the potential buyer pool. Very happy to have met the seller's objectives and exceeded his expectations with this disposition.”

1101 N. Damen features (3) two-bedroom, two-bathroom units, (1) one-bedroom, one-bathroom unit and (1) top-floor four-bedroom, three-and-a-half bath unit.

Kiser Group, Chicago’s leading multifamily brokerage firm, announces the promotion of Matt Halper to Director and hiring of Jimal Gilbert as Broker. 

Since joining Kiser Group in 2015 as a Broker, Halper has successfully completed transactions in excess of $107 million on behalf of his clients. Focusing his business on the suburbs of Chicago, he has brokered a number of notable transactions including a 128-unit apartment building in Aurora, a 354-unit complex in Blue Island and 104 units in adjacent buildings in downtown Oak Park. Prior to joining Kiser Group, Matt worked in a variety of roles within the real estate industry and has a diverse background in engineering, construction, and consulting. 

“Matt is an analytical and thoughtful broker. It is a privilege working with him and watching his market share and presence increase each year,” said Principal and Managing Broker Lee Kiser. “I’m also excited Matt is stepping into this leadership role at Kiser Group. Our company benefits greatly from his vision, skills, and collaboration with our other brokers.”

Broker Jimal Gilbert joins Kiser Group after working as a Realtor in the south suburbs of Chicago. He focuses his brokerage efforts on multifamily properties throughout Chicago’s south and west suburbs including Tinley Park, Homewood, Frankfort and Calumet City. Prior to working in real estate, Gilbert served in the Army for eight years.

“We are thrilled to have Jimal on our team. His knowledge and experience of Chicago’s south suburbs and Kiser Group’s multifamily expertise combine to bring great service to clients in that part of Chicagoland, ” said Kiser. “I am excited to see Jimal’s trajectory this year and am grateful he joined our team.”

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered two condominium deconversions in Oak Park, Illinois. Regency Terrace Condominiums, a 56-unit condo deconversion located at 922 North Blvd, sold for $8,805,000. Kiser Group Broker Andy Friedman and Director Matt Halper represented the seller The Regency Terrace Condominium Association, and Marco Cesario represented the buyer Goldman Investments. Clarence Court, a 26-unit deconversion located at 628 Harrison St., sold for $3,600,000. Kiser Group’s Friedman and Halper represented the buyer Redpoint Capital Management and seller Clarence Court Condominium Association. 

Regency Terrace currently features 28 two-bedroom and one and a half-bathroom units and 28 one-bedroom and one-bathroom units. The condominium building also includes 24 garage parking spaces, 41 surface parking spaces, a swimming pool and rooftop deck.

 “This value-add investment is a blank canvas for the buyer to be able to modernize units and see significant rent increases. Being able to acquire this many units in downtown Oak Park was also a rare opportunity,” said Halper. “The appetite for an investment like this was high, with over 45 tours and a dozen offers.”

“Regency Terrace Condominiums is a prime example of how condo deconversions can be a win-win scenario for all parties involved,” said Friedman. “The property requires substantial and costly physical improvements. This deal saved residents from large special assessments and passed with well over an 80% yes vote.”

“There is an influx of international capital not only for Chicago deals but also suburban,” said Cesario. “We have seen and represented investment dollars coming from the Middle East, Asia and Europe.”

Clarence Court currently features 14 two-bedroom units and 12 one-bedroom units. According to Friedman, only 10 of the 26 units were owner-occupied.  

“This property fits the most common mold for deconversions. Most of the owners purchased a starter condo in the mid-2000s. When the market crashed and was slow to recover, owners had two options instead of selling at depressed pricing.  They either became accidental landlords and rented the unit out or were stuck living in the unit,” said Friedman. “These owners received 25% to 30% more in the deconversion than if they would have sold their units as individual condominiums.”

“These two properties provide attractive opportunities for investors to capitalize on the strong rental market in Oak Park,” said Matt Halper. “It is unique among Chicago suburbs in that there is new construction multifamily development activity similar to many city neighborhoods. Oak Park is well located near multiple transportation options with strong retail, restaurant, and entertainment offerings renters demand.”