New Englewood Terrace Apartments has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The 304-unit, 23-story building is listed for $20,750,000 and represented by Kiser Group’s Partner Noah Birk and Director Aaron Sklar. New Englewood Terrace Apartments are being marketed as a value-add investment opportunity.

“This is a rare opportunity to acquire over 300 units in an opportunity zone,” said Partner Noah Birk. “We are anticipating national investor interest, particularly from opportunity zone funds, for this value-add opportunity.”

New Englewood Terrace Apartments features 60 one-bedroom units, 124 two-bedroom units, 80 three-bedroom units, 17 two-bedroom townhomes and 6 three-bedroom townhomes. The property was originally built in 1967 and renovated in 2010. The stabilized asset features rents from $625 to $1,050 per month.

“Englewood is a rapidly growing and developing neighborhood,” said Director Aaron Sklar. “New Englewood Terrace is within walking distance of Whole Foods, Starbucks, Chipotle, Kennedy King College and the CTA Green and Red lines.”

The retail center Englewood Square is a $20 million, 5.5-acre real estate development that is bringing jobs and higher quality goods and services to the area and is located just northwest of New Englewood Terrace Apartments across from the Kennedy King campus. Whole Foods, Starbucks and Chipotle are all within walking distance of New Englewood Terrace.

Kiser Group and Affordable Housing Investment Brokerage recently brokered Renaissance North in Chicago’s Old Town neighborhood for $15,450,000. Kiser Group’s Senior Director Michael D’Agostino and Affordable Housing Investment Brokerage Managing Director Kyle Shoemaker represented the buyer, a national investment fund focused on workforce and affordable housing, and seller Renaissance Companies.

Renaissance North, located at 551 W. North Ave., is a 59-unit apartment building with ground floor retail in Chicago’s Old Town neighborhood. Built in 2003 under the Low Income Housing Tax Credit (LIHTC) program and HOME funds via the City of Chicago, 18 units are subsidized by an agreement with the Chicago Housing Authority (CHA).

“As one of the first sales of a property that was part of the CHA's Plan for Transformation, this deal presented unique challenges that required a buyer well-versed in not only the LIHTC program, but also dealing with multiple other layers of government regulation,” said Kyle Shoemaker, Managing Director with Affordable Housing Investment Brokerage.

“This property required a specific buyer profile and we were pleased with the national investor interest,” said Michael D’Agostino, Senior Director with Kiser Group. “In addition to the buyer’s focus on affordable housing, they saw opportunities to add value in the market rate units and the parking garage as well.”

Kiser Group, Chicago’s leading multifamily brokerage firm, announces that Noah Birk, 30, is a Partner in the firm. Birk has become the first Partner after co-founders Lee Kiser and Estella Kiser created a profit sharing and equity plan for brokers at Kiser Group.

“Kiser Group is building a team of highly trained, skilled, market-focused brokers, providing clients with the highest levels of service. To further benefit our clients, we have established a company culture of openness and collaboration between our brokers,” said Lee Kiser, Principal and Managing Broker at Kiser Group. “Noah embodies these traits and has been instrumental in helping us evolve as a company. We are grateful he is part of our team and welcome him as our first partner.”

Since 2014, Birk has successfully completed transactions in excess of $138 million on behalf of his clients. In addition, Birk was promoted to Senior Director in 2018 and was Kiser Group’s Top Individual Producer in 2017 and 2018. In 2018, Birk set a new company record by being involved in 54 multifamily transactions, up from his previous record of 52 buildings in 2017. Birk was also recently named a CRE Future Leader by ReJournals.com.

“I’m honored to become Kiser Group’s first Partner. Over the past year, I’ve learned more about the business side of the brokerage firm and am looking forward to continuing to grow my personal brokerage business and Kiser Group,” said Noah Birk, Partner.

Outside of real estate Birk is a husband, father, and volunteer and coach with the Sunshine Gospel Ministries youth basketball program. Birk graduated with a business degree from Carthage College where he was a defensive back on the football team.

Kiser Group, Chicago’s leading multifamily brokerage firm, recently brokered 1140 N. LaSalle Dr. for $38 million. The Flats on LaSalle Condominium Association agreed to a bulk sale of all 250 units. The buyer, ESG Kullen, acquired the property as a deconversion and will turn all of the units to apartments. The deal was brokered by Kiser Group’s Lee Kiser, Michael D’Agostino and Jake Parker. Kiser Group also introduced equity broker Alpha Capital to ESG Kullen, resulting in Harrison Street Capital becoming a partner in the deal.

The 250-unit, eight-story building was originally built in 1924 as a luxury hotel. It later converted to apartments and in 2006 converted to condominiums. The condominiums are a mix of studio and one-bedroom units.

“After being approached with an unsolicited verbal offer, the Board of Directors interviewed multifamily brokerage firms to meet our fiduciary responsibility in securing the highest possible offering,” said Jim Bright, President of Flats on LaSalle Condominium Association. “With their overall experience and ability to market the property on a national basis, Kiser Group was selected, and the results confirmed our decision. The de-conversion process was explained as the Kiser Group team led the Board through the preliminary process, and all offers were fully vetted. The final offer was approved by over 85% of the ownership.”

“During the marketing phase, 1140 N. LaSalle had 50 property tours in two weeks and received more than a dozen offers. This is a hybrid property, meaning although size and location would be attractive to institutions, the vintage and unit size are more closely associated with the private market,” said Michael D’Agostino. “Kiser Group is uniquely positioned to broker these hybrid properties to marry private and institutional markets to effectuate a transaction. Amongst several highly qualified buyers, ESG Kullen was selected not only because of price and terms but also because of their experience with condo deconversions and 1920s construction.”

“The conversion of apartment buildings into condominiums was a significant trend from 1999 through 2007, when returns to condo developers outweighed the returns to apartment owners. In today’s market, the inverse is true. While the price of a condominium may not be attractive to the homeowner, the whole may be greater than the sum of the parts - meaning an apartment investor might pay a lot more for the unit. This doesn’t hold true for every condominium building, which is why a market analysis and plan should be completed for the association prior to the entertaining offers,” said Lee Kiser. “Kiser Group continues to focus on this segment of the market. We have completed numerous deconversions in 2018 and have more than a dozen deconversion projects currently in our pipeline.”

Kiser Group is marketing additional condo deconversions throughout the Chicagoland area. Located at 4601 N. Dover Street, the multifamily brokerage firm has a 64-unit deconversion in the Uptown neighborhood on the market A five-unit deconversion, located at 2147 W. Potomac in Wicker Park, is on the market and a 26-unit deconversion, located at 628 Harrison Street in Oak Park, is on the market.

October 15, 2018 (CHICAGO) –  Kiser Group, Chicago’s leading multifamily brokerage firm, announces Jessica Jackson and Todd Hornberger joining the company as brokers.

Broker Jessica Jackson comes to Kiser Group after a successful career in information technology sales. Jackson’s clients will benefit from her analytical and energetic approach to real estate. Jessica focuses on multifamily in the west and northwest neighborhoods of Chicago.

Todd Hornberger has managed his family’s multifamily portfolio and understands the challenges landlords face. In addition, Hornberger has brokerage experience in commercial and residential real estate. Todd focuses on multifamily in northwest Chicagoland.

 “We are happy Jessica and Todd have joined our team and look forward to serving new clients as they grow their businesses,” said Lee Kiser, Principal and Managing Broker at Kiser Group.

Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered an Evanston Portfolio for $17,025,000. The properties are located at 1940 Sherman Avenue and 829 Foster Street in Evanston, Illinois. The buyer, an undisclosed purchaser, bought the 87 apartment and 3 retail unit portfolio from Stephen Matic. The deal was brokered by Kiser Group’s Danny Mantis (Broker) and Lee Kiser (Principal and Managing Broker). 

Stephen Matic and partners have owned 1940 Sherman Avenue since 1983 and 829 Foster Street since 2006. The majority of residents are Northwestern University students. The buildings are also in the same block as the CTA Purple Line Foster Station. The buildings have historically high occupancy and consistently remain 100 percent leased.

“There was concern in the market that Northwestern’s new policy requiring sophomore (in addition to freshman) students to live on campus would affect the building’s occupancy and rent levels,” said Kiser Group’s Managing Broker Lee Kiser. “However, these buildings have an exceptional location only one block from campus and the buildings have retained 100% occupancy.”

“The buyer does not plan on making these apartments a value-add play,” said Broker Danny Mantis. “Rather this is a buy-and-hold strategy for the investor.”

1940 Sherman Avenue is a 56-unit apartment building located on the southwest corner of the intersection of Sherman and Foster. The property includes a 16-car parking lot, a street-level office space, small indoor garage, income-producing storage spaces, and one commercial tenant. The building is well-maintained and professionally managed.

829 Foster Street is a 31-unit apartment building located a half block west of the intersection of Sherman and Foster on the north side of the street. The building has two commercial tenants and a rear parking lot for parking for the commercial tenants. The building was purchased through Kiser Group in 2006 and was gut renovated in 2007-2008.