Kiser Group, Chicago’s leading multifamily brokerage firm, brokered two separate transactions in Gary and Highland, Indiana, totaling $1.175 million. Advisor Kyle Sissell represented both the buyer and seller in each transaction.
“Indiana is quickly becoming one of the hottest investment markets for multifamily owners,” said Sissell. “With its favorable landlord laws, Indiana continues to attract both local and national investors’ attention. Couple that with the steady demand from residents in Lake County, and it’s definitely an area to watch.”
3600 Washington Street: This two-story, eight-unit brick building in Gary sold for $350,000. It has four one-bedroom/one-bath units and four two-bedroom/one-bath units. Located in the residential neighborhood of University Park, the property is in close proximity to both Indiana University Northwest and Ivy Tech and provides great access to transportation, parks, shopping centers, schools and more. The property also has ample parking. In addition, the current re-zoning and re-use of Gleason Golf Course – just two blocks north – is the largest planned redevelopment nearby.
9626 Forrest Drive: Built in 1964, this nine-unit building in Highland includes 8 two-bedroom/one-and-a-half bath units and one one-bedroom/one-bath unit. It sold for $825,000.00. Located near the intersection of two main streets in Highland, the property grants ideal access for both walking and driving to nearby parks, shopping centers, schools, gym and restaurants. In addition, the property sits just one block east of access to the Erie Lackawanna Trail, a 17.7 trail throughout Lake County that hosts hikers, bikers and runners. A handful of capital expenditures have been completed in recent years, and several of the units have already been renovated.