Kiser Group Principal and Designated Managing Broker Lee Kiser and Director Kyle Sissell facilitated the sale of a 345-unit apartment building at 2130 W. 122nd Street in Blue Island, Illinois.
The property was sold by Kinzie Assets, and principals Andrew Brown and Charlie Clarke. Pricing was not disclosed.
The property consists of a diverse unit mix, including 74 studio apartments, 60 one-bedroom units, 209 two-bedroom units, and 2 three-bedroom units, and was 96% occupied at the time of sale. Residents at Blue Station have access to Metra commuter rail service and major roadways. Blue Station maintains an affordable rental profile relative to many surrounding Chicago-area submarkets. Ownership invested more than $3.5 million in capital improvements over the prior four years, resulting in strong historical occupancy.
The buyer acquired a stabilized workforce housing asset at scale, with a strong existing occupancy profile and substantial recent capital investment already in place. The buyer intends to build on the property’s existing operational foundation without taking on the renovation and lease-up risk typically associated with heavy value-add assets.
