Kiser Group recently brokered the sales of three Chicago-area properties. The May 2014 closings included a 70-unit apartment complex in Mundelein, Ill.; a 31-unit apartment building in the Kenwood/Hyde Park neighborhood on Chicago’s South Side; and a 10-unit apartment building in the Belmont Cragin neighborhood on Chicago’s Northwest Side.
40-42 S. Shaddle – Mundelein
Embassy Apartments, located at 40-42 S. Shaddle Ave. in northwest suburban Mundelein, Ill., includes two identical 35-unit buildings for a total of 70 units with 137 parking spaces on a 4-acre parcel. The unit mix includes 64 two-bedroom, 1 ½ -bath apartments; four one-bedroom, one-bath units; and two studios. It sold for $4.65 million.
“Embassy Apartments is adjacent to a large industrial park that employs a lot of area residents, and it’s also three miles northwest of Hawthorn Shopping Center in Vernon Hills,” said John Meyer, managing director of Kiser Group, who represented buyer and seller in the sale. “Since it’s near so many employers, the property consistently maintains 100 percent occupancy.”
4740 S. Greenwood – Chicago
Located at 4740 S. Greenwood, just one and a half blocks north of President Barak Obama’s permanent residence, this completely renovated vintage courtyard includes 31 apartments, bike storage and laundry room. The unit mix is 12 one‐, 13 two‐, and six three‐bedroom apartments, each with one bath. Extensive renovations completed in 2013 include a roof tear-off, new skylights and windows, tuck-pointing, new water main, plumbing, electric, and waste stacks. It sold for $4.3 million.
“This property sold quickly as its convenient location and excellent building condition provide a market vacancy of less than 5 percent,” said Zack Hofstadter, associate with Kiser Group, who represented the seller in the transaction.
“The new condo-quality luxury finishes in the units also appealed to the buyer,” said Bill Baumann, senior managing director with Kiser Group, who represented the buyer in the sale.
5156 W. Melrose – Chicago
Built in 1929, this 10-unit walk-up apartment building located at 5156 W. Melrose in Chicago’s Belmont Cragin neighborhood sold for $950,000. Sean Connelly, senior managing director of Kiser Group, represented the buyer in the transaction.
All the names of buyers and sellers involved in these transactions are not available at this time.