The Collection on East Lake Terrace has been listed for sale unpriced by Chicago-based multifamily brokerage firm Kiser Group. The 11-building, 181-unit portfolio is located in Chicago’s East Rogers Park neighborhood. The seller, Lee Street Management, assembled The Collection on East Lake Terrace over a two-decade time frame.
Eastlake Terrace is three blocks long and east of Sheridan Road. All of the buildings in The Collection have views of Lake Michigan. Listing agents for the assignment are Kiser Group’s principal and managing broker Lee Kiser and brokers Danny Mantis and Patrick O’Brien.
“The Collection on East Lake Terrace is unique because of its scale, assemblage, geographic concentration and potential for value-add and repositioning,” said Kiser. “We anticipate interest from local, out-of-state and international investors, especially from firms seeking immediate scale in Chicago.”
Throughout the 11 buildings, floorplans range from studio to four-bedroom units and rents range from $650 to $2,500 per month. The properties include 7737, 7736-42, 7642-48, 7630-38, 7618-26, 7606, 7516-18 and 7510-14 N. Eastlake Terrace; 1304 and 1310-20 W. Birchwood Avenue and 1310-18 Howard Street.
“These stabilized properties are all located within the three-block stretch of Eastlake Terrace in the northeast corner of Chicago,” said Mantis. “The portfolio offers investors the ability to brand and market the area as a destination and sub-neighborhood because of the density of the buildings and nearby amenities such as public access beaches, tennis courts, playgrounds, parks and Lake Michigan.”
“The portfolio, which features 1920s construction, consists of mostly one- and two-bedroom floorplans with a handful of studio and three-bedroom units,” said O’Brien. “Whether an investor is looking to modernize the units and add in-building amenities for today’s luxury renters or make simple upgrades and updates, there is a wide scale of value-add potential.”