Kiser Group has brokered apartment building transactions at 6747-67 N. Sheridan (41 units) and 7453 N. Western (eight units).
“I think these two sales perhaps mark a turning point for Rogers Park, which has until recently primarily seen distressed sales,” said Brian Semel, managing director of Kiser Group, who represented buyer and seller in both sales. “The Sheridan deal is a non-distressed core asset sale with rental upside, and Western is notable because it is a stabilized new-construction sale.
“These sales also show the relative long-term attractiveness of multifamily assets on the far North Side as investors increasingly seek more yield through value-add and location. Sheridan specifically is an example of Loyola’s continued positive impact on the neighborhood and the demand for rentals close to campus.”
The property located at 6747-67 N. Sheridan consists of two adjacent apartment buildings with a total of 41 units. It sold for $4 million to an investment group, which will likely maintain the property as rental units. The seller for the Sheridan property was a land trust.
The unit mix includes: 16 studios; six two-bedroom, one-bath units; three two-bedroom, 1½ bath units; nine three-bedroom, 1½ bath units; and four garden apartments. The property includes three leased commercial spaces and 28 garage parking spaces.
The property located at 7453 N. Western consists of eight apartments. It sold for $1.7 million or $211,563 per unit, to a private investor, who will likely maintain units as rental units, noted Semel. The seller was an entity named 7453 N. Western Avenue Investments LLC.
“The units in the Western building were conceived as luxury condos but no units sold and these are now rentals,” said Semel. “Unit mix and the large condominium quality of units were key selling points.”
The unit mix includes six three-bedroom, two-bath units and two two-bedroom, two-bath units, as well as eight exterior parking spaces.
