Kass Management Brokers $2.4 Million Sale of Apartment Building on Chicago’s North Side

1700 West Juneway Terrace Apartments, Rogers Park Neighborhood, Chicago, IL

Mark Durakovik

CHICAGO, IL — Chicago-based Kass Management Services, a third-party property management and brokerage firm, announced the $2.4 million sale of a 32-unit apartment building at 1700 W. Juneway Terrace in Chicago’s Rogers Park neighborhood.

Kass Principal Mark Durakovic and agent Andrew Gruesser represented the seller, CMHDC, a non-profit housing development corporation serving the Chicago metropolitan area.

“As rents and underlying property values have risen, landlords in Rogers Park and other North Side neighborhoods have been able to capitalize on strong interest from investors looking to grow their portfolios,” said Durakovic.

“Having managed 1700 W. Juneway Terrace for 11 years, we were intimately familiar not only with the property, but also the surrounding neighborhood. As a result, we were able to market the property in a way that maximized value on behalf of our client.”

Built in 1924, the vintage three-story brick walk-up includes a mix of one-, two-, three- and four-bedroom apartments, each with a large back deck. When Kass took over management of the building in 2006, the firm was able to increase occupancy from 60 percent to full occupancy in less than nine months.

Over the years, Kass continued to stabilize the property by increasing rents and maintaining high occupancy during its management tenure. The units, which were renovated in 2007, were over 90 percent occupied at the time of sale.

“For the past 30 years, Kass has specialized in providing third-party property management services for residential and commercial properties throughout the Chicago area, making brokerage a natural extension of our business,” said Durakovic.

“The Rogers Park sale is just one example of how we can leverage our longstanding client relationships and in-depth market knowledge to provide a comprehensive service platform that encompasses all phases of property ownership – from acquisition, to management and leasing, to disposition.”

For a complete copy of the company’s news release, please contact:

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528