Chicago-based multifamily brokerage firm Kiser Group recently brokered a land sale located at 3441 W. Montrose Avenue. Sited in the city’s Albany Park neighborhood, the plot sold for $1,655,200.
The buyer, Evergreen Real Estate Group, plans on developing 48 affordable housing units on the site. The deal was brokered by Kiser Group’s senior director Michael D’Agostino and broker Jake Parker.
“Outside of high rent neighborhoods such as River North, Lincoln Park and Lakeview, it has been more and more difficult for market-rate developers to build group-up construction profitably,” said D’Agostino. “The new affordable housing requirements have priced a lot of these developers out of the market, which leaves room for affordable and mixed-income housing groups such as Evergreen to build new construction apartments using tax credit financing. Chicago is in serious need of more affordable housing, and Evergreen is creating supply where demand exists.”
“Like the rest of Chicago, Albany Park’s multifamily market is active, and a typical deal is hard to find,” said Parker. “Investors are looking for alternatives to stay involved in the multifamily market. With this great location of Albany Park, the development is a needed addition to the neighborhood.”