Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 7500 S. South Shore, 6916 S. Clyde and 7038 S. Chappel as a 208-unit apartment portfolio. The apartments sold for $18,400,000 and are located in Chicago’s South Shore neighborhood. According to CoStar, the three-property transaction was the largest by dollar amount in the submarket in the last 15 years, according to CoStar." Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar represented seller, DAX Real Estate and an undisclosed buyer.

“The south side continues to be one of the rare places in the country that offers investors exceptional cash flow as well as buildings that have rapidly been appreciating in value. That rare combination has continued to push out-of-state buyers into our market,” said Noah Birk. “While marketing this portfolio, we received offers from local, out-of-state, and international buyers. Investors are very excited about the upwards trends South Shore is experiencing.”

“At over $88,000 per unit, this one of the highest price per door sales in South Shore,” said Aaron Sklar. “Early investors are already enjoying the returns of the appreciating neighborhood. The seller of this portfolio purchased all of these buildings for under $12 million less than two years ago.”

The South Shore Portfolio

• 7500 S. South Shore features 130 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $750 to $1,094.
• 6916 S. Clyde features 53 renovated units. Floorplans include studio and one-bedroom units with rents ranging from $525 to $1,088.
• 7O38 S. Chappel features 25 renovated units and two- and three-bedroom floorplans. Rents range from $1,004 to $1,515.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 930 North Blvd., a 48-unit, 7-story property in Oak Park, Illinois, for $8,300,000. Kiser Group’s Matt Halper and Marco Cesario represented the buyer Goldman Investments and Halper represented the seller.

 “At $172,916 per door, this is a record-breaking price for an apartment building of this vintage in Oak Park and the near western suburbs rental market. 930 North Blvd. provided a unique opportunity for the buyer due to its location in downtown Oak Park - surrounded by the newer investment grade,” said Broker Matt Halper. “The property, built in the 1960s, had been owned by the same firm for decades and is an appealing value-add investment for the buyer.”

930 North Blvd. features 24 one-bedroom and one-bathroom units and 24 two-bedroom and two-bathroom units. The apartment building also features 31 underground parking spaces and a surface lot with 21 parking spaces.

AURORA, IL. – Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 2000 Illinois, a 128-unit, 5-story property in Aurora, Illinois. FPA Multifamily acquired the asset. Kiser Group’s Matt Halper and Danny Mantis represented both the buyer and seller in the transaction. 

“2000 Illinois demonstrates the value investors continue to see in both mid-size suburban apartment properties and workforce housing,” said Broker Matt Halper. “Because of the size and renter base of the asset, we were able to position our marketing so it would appeal to local and national investors alike. After nearly 30 tours, we received various offers from highly credible buyers and the cap rate at the transaction price was 5.64%.”

2000 Illinois features 104 one-bedroom units, 24 two-bedroom, 150 surface parking spaces, 52 covered parking spaces and an outdoor pool and sundeck. The asset was originally constructed in 1973. In 2014, the seller entered into a Land Use Restriction Agreement (LURA) with IHDA which stipulated that 25% of the units be income-restricted to 60% area median income for a 10-year period. 

 “While many local investors were unfamiliar with the LURA that was put in place by IHDA, we found that investors more familiar with market-rate multifamily properties were most attracted to the sale,” said Broker Danny Mantis.  “This was a nuanced transaction because of the mix of affordable and market-rate residents. With the limited inventory of workforce housing located in the suburbs coming to market each year, there continues to be strong interest from all types of investors for this product type.”

Kiser Group and Zacuto Group announce 56 East Chicago Avenue has hit the market. Located between Chicago’s Gold Coast and River North neighborhoods, 56 East Chicago Avenue is positioned near the Magnificent Mile, at the intersection of Chicago Avenue and Rush Street. The six-story mixed-use building is being marketed unpriced and features 25 residential units and three commercial retail spaces with frontage along Chicago Avenue. The property is zoned DX-12 and is vacant.

“The location of this property makes it a once-in-a-generation opportunity to acquire a building with unique architectural details at the intersection of Gold Coast and River North,” said Jake Zacuto, Zacuto Group.

 “The site has interesting development potential given the zoning, location, and assemblage possibilities,” said Lee Kiser, Kiser Group’s Principal and Managing Broker. “This acquisition will be challenging for a developer, as are most projects in the heart of Chicago. Additional layers of complexity are added given the potential scale of the development, the historical designations involved, air rights that might enter the equation, and probable changes coming to the Affordable Requirements Ordinance. We’re excited to bring our expertise to this effort as Zacuto Group’s Chicago partner.”

Zacuto Group’s Jake Zacuto and Connor Sears are co-listing agents with Kiser Group’s Lee Kiser and Jake Parker.

An 86-unit portfolio on Chicago’s south side has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. Located at 7928 S. Morgan, 8100 S. Loomis, 7954 S. Laflin, 1305 W. 82nd, 1332 W. 82nd, 8355 S. Sangamon and 6602 S. Winchester, the portfolio is listed for $7,950,000 and represented by Kiser Group’s Partner Noah Birk and Senior Director Aaron Sklar. The portfolio has been completely renovated to condo-quality levels and offers a turn-key, stabilized investment for a new buyer.

 “There is major demand from renters for high-end units on the south side, but buildings like these don’t pop up often. This portfolio commands top of the market rents,” said Partner Noah Birk. “Rents are going for as high as $1,433 per month for three-bedrooms and $1,130 per month for two-bedroom units.”

The South Side Portfolio:

• 7928 S. Morgan is a 13-unit building featuring two-bedroom, one-bathroom floor plans.
• 8100 S. Loomis  is a 12-unit building featuring two- and three-bedroom floor plans.
• 7954 S. Laflin is a 15-unit building featuring two-bedroom, one-bathroom floor plans.
• 1305 W. 82nd  is a 13-unit building featuring two- and three-bedroom floor plans.
• 1332 W. 82nd is a 13-unit building featuring two- and three-bedroom floor plans.
• 8355 S. Sangamon is an 8-unit building featuring two-bedroom, one-bathroom floor plans.
• 6602 S. Winchester is a 12-unit building featuring two-bedroom, one-bathroom floor plans.

“The portfolio is an interesting opportunity for out-of-state investors looking to grow their presence in Chicago,” said Senior Director Aaron Sklar. “Chicago’s south side multifamily market continues to be more and more active with strong rent growth and property appreciation. Investors that are familiar with various subsidies can have great success with this portfolio.”

So far this year, Birk and Sklar have brokered nearly 1,000 units throughout the south side of Chicago and anticipate a surge of closings before the end of the year.

Kiser Group, Chicago’s leading multifamily brokerage, announces new brokerage hires Bryan Wright, Ron Plonis, and Michael Lacy.

Brokers:

• Bryan Wright has a diverse background in operations and finance. He will focus his brokerage efforts on the northwest side of Chicago including Logan Square, Noble Square, Wicker Park, and West Town.
• Ron Plonis joins Kiser Group with 14 years of real estate investment experience and will focus on Chicago’s south and southwest suburbs. Before joining Kiser Group, Ron was the principal and operating partner of various real estate investment companies, where he was responsible for acquisitions, development, leasing, market analysis, raising capital, portfolio optimization, property management and disposition of hundreds of multifamily and single-family rental units. 
• Michael Lacy grew up helping his family operate their multifamily portfolio in Chicago and previously worked as a business analyst. Mike will focus his brokerage efforts on Chicago’s near west and southwest neighborhoods.

“We have the most lucrative compensation structure in the industry for our brokers, provide them with the best training and resources, and help them create and implement business plans to reach their goals,” said Principal and Managing Broker Lee Kiser. “We are thrilled to have Bryan, Ron, and Mike on the team. Each broker brings an entrepreneurial and analytical spirit to Kiser Group. Bryan, Ron and Mike demonstrate our core values of diligence, strategy and transparency, and I look forward to working with each of them at Kiser Group.”