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| 4621-25 North Lincoln and 2259-63 West in Chicago’s Lincoln Square neighborhood. |
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| 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.
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| 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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