Kiser Group, Chicago’s leading multifamily brokerage firm, recently represented the buyer of The Washington, an 8-unit luxury apartment building with 6,500 SF of commercial space located at 720 N. Washington St. in Naperville. Essex Realty Group, Inc.’s Managing Director Brian Karmowski represented the seller, a development group led by Joshua Voit, and Kiser Group Advisor Ron Plonis represented the buyer.
“We are proud to have brought our client, an out-of-state professional seeking to preserve capital and hedge against inflation concerns, to this deal,” said Plonis. “While this is the highest price-per-unit transaction in Naperville this year, we believe there is long-term investment potential ahead as Naperville continues to appreciate and attract luxury renters.”
Built in 2018, the 8-unit luxury apartment units include a mix of large one-and two-bedroom floor plans. The 6,500 SF of commercial space is divided into two commercial units. The first-floor commercial tenants – Great Western Flooring and Gantos Dental Group – are currently on 10-year, NNN leases that expire in 2028 and 2029, respectively. The property also features 36 parking spaces.
“This building incorporates design and lifestyle components rarely seen outside of Chicago. The residences are well appointed with beautiful finishes and thoughtful layouts,” says Voit.
