Kiser Group closed the successful disposition of a 39-unit property in the heart of Chicago’s Edgewater neighborhood.
Danny Logarakis, Katie LeGrand and Jacob Price, brokers at Kiser Group, orchestrated the $7.6 million transaction. Advisors Price and LeGrand represented the seller, while senior director Logarakis represented the purchaser.
The seller, Sam F. Grossman, managing partner of Fairchild Acquisition, completed a full renovation of the property in June of 2020. The work included new building electrical, plumbing, mechanicals, a new laundry facility, as well as hallway and lobby modernization. High-end unit finishes helped push occupancy levels over 97%, and attracted the attention of local investors seeking stability and long-term value.
Additionally, the well-positioned asset is located just a stone’s throw away from Loyola University, attracting a larger tenant base. With the allure of assumable debt at a low interest rate for another few years, Kiser Group was able to run over 20 tours at this property, generating multiple offers for ownership. This deal was a win-win situation, as the Buyer is now set up for strong returns in the future and owns an asset in a neighborhood that will never go out of style.
Edgewater, known for its proximity to essential amenities such as the Thorndale Redline and the picturesque Lake Michigan, mere blocks away. The property’s location in this vibrant area contributed significantly to its attractiveness in the market. Moreover, this sale marked a significant milestone in the area’s real estate history: setting a record as the highest price per unit ever – $195K/door – for 1960/70s construction products in the Edgewater/Uptown vicinity.
