Saturday, March 22, 2014

Kiser Group Brokers $28.85M Sale of Apartment, Mixed-Use Portfolio on Chicago’s North Side

4621-25 North Lincoln and  2259-63 West  Eastwood
in Chicago’s Lincoln Square neighborhood.
      
Lee Kiser
CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, represented the seller of an eight-building, 236-unit portfolio of apartment and mixed-use properties on Chicago’s North Side. New York-based Pioneer Acquisitions purchased the portfolio for $28.85 million in a sale that closed March 5, 2014.
Family owned for more than 60 years, the portfolio included an apartment building in West Rogers Park; an apartment building and mixed-use retail and apartment property in Lincoln Square; four properties in Ravenswood; and a mixed-use retail and apartment building in Irving Park.

“This rare opportunity attracted several investors,” said Lee Kiser, principal of Kiser Group. He and Michael D’Agostino, managing director of Kiser Group, represented the seller in the transaction. “It’s an enormous portfolio in a strong location with upside potential.
Michael D'Agostino
 “Many of the units are rented at below-market levels, so the buyer could immediately reap additional income by increasing rents,” Kiser added. 
“Also, with some minor renovations, many of the large one-bedroom units could easily be converted into two-bedroom apartments, further adding value and increasing the portfolio’s annual income.”
The seller regularly made upgrades throughout the past six decades, so the buildings have little to no deferred maintenance. All the buildings include coin-operated washers and dryers, private storage lockers, intercom security and secure bicycle areas.
“These high-quality apartments are located in sought-after neighborhoods on Chicago’s North Side,” D’Agostino said. “Also, the large rooms, high ceilings, hardwood floors and irreplaceable vintage architectural details made this portfolio enticing to buyers.”
 For a complete copy of the company’s news release, please contact:

  Mark Thomton, mthomton@taylorjohnson.com, 312-267-4523

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