Kiser Group recently represented the buyer and seller of Park Beach Apartments, located at 5327 S. Cornell Avenue in Chicago’s Hyde Park neighborhood. The 77-unit single room occupancy (SRO) building sold for $2,200,000. Jimal Gilbert and Lee Kiser were the brokers in the transaction.
“Park Beach Apartments offers the buyer the opportunity to own a stabilized building with seasoned staff in a highly sought rental location. The buyer will continue operating the property as an SRO, providing needed affordable housing in Hyde Park,” said Gilbert, advisor at Kiser Group. “Because the property addresses affordable housing, the transition between owners required approval from the city of Chicago. We are truly grateful for the speed and transparency with which the city engaged. They went above and beyond helping us complete this transaction.”
Park Beach Apartments includes 27 private bathroom units and 50 semi-private units.
