Chicago-based Apartment Investment Advisers LLC is marketing an apartment portfolio investment located just south of the intersection of 71st Place and Jeffery Avenue in the South Shore neighborhood on the South Side of Chicago. The portfolio includes four neighboring mid-rise elevator buildings comprised of 208 apartments and street level retail units, as well as an additional 34-space parking lot.
The properties are located at 7147 S. Jeffery Avenue (23,200 square feet, 38 units), 1962 E. 71st Place (37,750 square feet, 56 units), 7130 S. Jeffery Avenue (43,300 square feet, 65 units) and 7144 S. Jeffery Avenue (43,800 square feet, 49 units), which also includes an adjacent parking lot. Each of the buildings is equipped with a separate leased laundry facility.
The current owner has invested nearly $2 million in capital improvements over recent years including modern, updated apartments. This offering provides a new investor the opportunity to acquire a large scale portfolio in close proximity and realize a total annual levered return in excess of 20 percent.