Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered three West Ridge apartment buildings in separate transactions. 6300 N. Leavitt sold for $3,000,000, 6515 N. Seeley sold for $2,650,000, and 2737 W. Glenlake sold for $880,000. Kiser Group’s Danny Logarakis represented both the buyer and seller in all of the transactions. 

“West Ridge is a relatively quiet multifamily market with only a dozen or so properties trading hands each year. In the past year, investment activity has picked up,” said Broker Danny Logarakis. “Apartment properties in West Ridge experience high occupancy with long-term tenants and stronger cash flow than similar properties in other northside neighborhoods. In terms of real estate fundamentals, this neighborhood is well located to transportation, restaurants, recreation and education.”

6300 N. Leavitt

The 27-unit West Ridge apartment building was acquired by 6300 N. Leavitt LLC for $3,000,000. Floorplans include one- and two-bedroom units with rents ranging from $700 to $900 per month. 

6515 N. Seeley

The 26-unit West Ridge apartment building was acquired by 6515 N. Seeley Ave LLC for $2,650,000. The property was near vacant upon sale and will be gut renovated.

2737 W. Glenlake

The six-unit West Ridge apartment building features two- and three-bedroom units ranging from $1,100 to $1,400 per month. L&R Property Holdings LLC acquired the building for $880,000 from an owner-occupant.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently sold The Collection on East Lake Terrace, an 11-building, 181-unit portfolio in East Rogers Park. Becovic Management Group acquired the properties for $28.5 million from seller Lee Street Management, who assembled The Collection on East Lake Terrace over a two-decade time frame. Kiser Group’s Principal and Managing Broker Lee Kiser and brokers Danny Mantis and Patrick O’Brien represented both the buyer and seller.

 “The Collection on East Lake Terrace is unique because of its scale, assemblage, and geographic concentration,” said Principal and Managing Broker Lee Kiser. 

“Eastlake Terrace is a hidden gem, not just in Rogers Park but in the city,” said Sal Becovic of Becovic Management Group. “We want to be long-term stewards of these properties. We want to invest in them and in the neighborhood.”

Floorplans in the 11 buildings range from studio to four-bedroom units and rents range from $650 to $3,500 per month.

The Collection On East Lake Terrace Portfolio

• 7737 N. Eastlake Terrace features 10 units. Floorplans include one- and two-bedroom units with rents ranging from $900 to $1,380.
• 7736-42 N. Eastlake Terrace features 24 units. Floorplans include studio and one-bedroom units with rents ranging from $780 to $990.
• 7642-48 N. Eastlake Terrace features 16 units. Floorplans include one- and two-bedroom units with rents ranging from $1,105 to $1,480.
• 7630-38 N. Eastlake Terrace features 21 units. Floorplans include one- and two-bedroom units with rents ranging from $860 to $1,280.
• 7618-26 N. Eastlake Terrace features 32 units. Floorplans include one- and two-bedroom units with rents ranging from $830 to $1,300.
• 7606 N. Eastlake Terrace features 12 units. The rents range for one-bedroom units is $725 to $880.
• 7516-18 N. Eastlake Terrace features 8 units. Floorplans include studio, one- and three-bedroom units with rents ranging from $800 to $2,035.
• 7510-14 N. Eastlake Terrace features 17 units. Floorplans include studio, one- and two-bedroom units with rents ranging from $650 to $1,540.
• 1304 W. Birchwood Ave. features 4 units. Floorplans include three- and four-bedroom units with rents ranging from $1,920 to $3,500.
• 1310-20 W. Birchwood Ave. features 22 units. Floorplans include one- and two-bedroom units with rents ranging from $960 to $1,280.
• 1310-18 Howard St. features 15 units. Floorplans include one- and two-bedroom units with rents ranging from $1,030 to $1,680.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered Dover Court Condominiums for $12.5 million in a Section 15 deconversion sale. The buyer, Neriel Lagoon LLC, acquired the property and will convert all of the units to apartments. The deal was brokered by Kiser Group’s Rick Ofman and Andy Friedman.

“For over a year and a half we had been receiving unsolicited offers to purchase the property,” said condo board member Michael Wolff. “We decided to hire a broker that would represent not only all 64 unit owners' best interests but also find the right buyer that would be able to close the deal. Rick and Andy exceeded our expectations with their market knowledge, buyer pool and willingness to assist individual owners through the entire deconversion process.”

“Unlike many condo deconversions, Dover Court did not have a bulk unit owner; 64 units were owned by 64 different people,'' said Andy Friedman. “The property was otherwise a perfect representation of why associations choose to pursue a deconversion sale: a high percentage of rental units in the building, depressed resale values, and looming special assessments. This sale allowed those that purchased in the frenzied days of 2007 and 2008 to finally recoup their purchase price and was a welcome exit for owners that had been turned into accidental landlords. We are proud to have addressed the unit owners’ concerns and negotiate favorable lease-back terms during the transition.”

The 64-unit, 3-story building was initially built in 1925 as apartments. It later converted to condominiums in 2007. The units are predominantly one-bedrooms, with a small percentage of two- and three-bedroom units.

“The Uptown apartment market continues to see an increase in investor interest,” said Rick Ofman. “During the marketing phase, Dover Court had over 50 property tours and received numerous offers within 5% of the final sale price.  With all the new construction apartment buildings underway in Uptown, this transaction proves that the demand for vintage properties remains strong.”

“Kiser Group has a long history with the Dover property,” said Lee Kiser, Principal and Managing Broker with Kiser Group. “Dover Court is the first property our firm has sold on four separate occasions. We first sold the property in 1998, then in 2000, again to the developers that converted the property to condos in 2007 and now brokered the deconversion back to apartments in 2019.”

A 115-unit condo deconversion, being marketed as Barry Quad, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The condo deconversion consists of three buildings and is being offered at $36,000,000. Listing agents for the assignment are Kiser Group’s Andy Friedman and Jake Parker.

“Barry Quad represents a truly unique investment opportunity. In the last decade, only one other vintage walk-up property over 100 units has changed hands in Lakeview,” said Broker Andy Friedman. “The property is further differentiated by its location, amenities, and value-add opportunities, making it an appealing condo deconversion investment.”

“With half of the owners already renting out their units, the association is ready for a sale,” said Broker Jake Parker. “An investor could immediately move renters into the updated units while out-dated units are renovated.” 

Barry Quad buildings:

• 835-855 W. Barry is a 69-unit double courtyard building with 13 one-bedroom units, 44 two-bedroom units and 12 three-bedroom units. Building amenities include a swimming pool, fitness center, two saunas, laundry room, roof deck with grills and a recreational room.                                                      
• 856-864 W. Barry is a 34-unit courtyard building with 24 one-bedroom units, 7 two-bedroom units and 3 three-bedroom units. All of the units in this building have both a living and dining room.                                                   
• 850-852 W. Barry is a 12-unit walk-up building with 1 one-bedroom unit, 7 two-bedroom units and 4 three-bedroom units.

Kiser Group has successfully brokered numerous condo deconversions ranging in size and location throughout Chicago and has condo deconversions currently under contract.

Notable condo deconversion sales and listings include:

• 1140 N. LaSalle, a 250-unit condo deconversion in River North that sold for $38,000,000.
• 512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000.
• 4601 N. Dover, a 64-unit condo deconversion in Uptown, is under contract for $12,500,000 and scheduled to close in September.

“Condominium deconversion sales continue to be a part of the Chicao multifamily sales landscape. The primary drivers behind deconversion sales include stagnant condo resales and high demand for apartment buildings,” said Friedman. “There are no signs of change in the near future."

A 115-unit condo deconversion, being marketed as Barry Quad, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The condo deconversion consists of three buildings and is being offered at $36,000,000. Listing agents for the assignment are Kiser Group’s Andy Friedman and Jake Parker.

“Barry Quad represents a truly unique investment opportunity. In the last decade, only one other vintage walk-up property over 100 units has changed hands in Lakeview,” said Broker Andy Friedman. “The property is further differentiated by its location, amenities, and value-add opportunities, making it an appealing condo deconversion investment.”

“With half of the owners already renting out their units, the association is ready for a sale,” said Broker Jake Parker. “An investor could immediately move renters into the updated units while out-dated units are renovated.” 

Barry Quad buildings:

• 835-855 W. Barry is a 69-unit double courtyard building with 13 one-bedroom units, 44 two-bedroom units and 12 three-bedroom units. Building amenities include a swimming pool, fitness center, two saunas, laundry room, roof deck with grills and a recreational room.                                                      
• 856-864 W. Barry is a 34-unit courtyard building with 24 one-bedroom units, 7 two-bedroom units and 3 three-bedroom units. All of the units in this building have both a living and dining room.                                                   
• 850-852 W. Barry is a 12-unit walk-up building with 1 one-bedroom unit, 7 two-bedroom units and 4 three-bedroom units.

Kiser Group has successfully brokered numerous condo deconversions ranging in size and location throughout Chicago and has condo deconversions currently under contract.

Notable condo deconversion sales and listings include:

• 1140 N. LaSalle, a 250-unit condo deconversion in River North that sold for $38,000,000.
• 512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000.
• 4601 N. Dover, a 64-unit condo deconversion in Uptown, is under contract for $12,500,000 and scheduled to close in September.

“Condominium deconversion sales continue to be a part of the Chicao multifamily sales landscape. The primary drivers behind deconversion sales include stagnant condo resales and high demand for apartment buildings,” said Friedman. “There are no signs of change in the near future."

21 Northwest Portfolio:

Galewood:

• 1618 N. Meade
• 1639 N. McVicker
• 1651 N. McVicker
• 6014-16 W. Wabansia
• 1654 N. Austin

North Austin:

• 1737 N. Mayfield
• 1755 N. Mayfield
• 1825 N. Mayfield
• 5942 W. Cortland
• 1841 N. Luna
• 1840 N. Lotus
• 4872 W. Wabansia
• 1640-42 N. Lamon
• 4945 W. Grand

Belmont Cragin:

• 2415 N. Marmora
• 5445 W Schubert

Hermosa:

• 2035-37 N. Kildare
• 2223 N. Keystone
• 1702 N. Kedvale

Logan Square:

• 1725 N. Harding

Elmwood Park:

• 2547 W. 72nd