A 21-building multifamily portfolio, being marketed as 21 Northwest, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The portfolio is being offered at $8,854,000 for 73 apartment units spread across the Galewood, North Austin, Belmont Cragin, Hermosa and Logan Square neighborhoods, as well as suburban Elmwood Park.
A private investment firm assembled the portfolio for over ten years. Listing agents for the assignment are Kiser Group’s Rick Ofman, Danny Logarakis and Marco Cesario.
“The city properties are all within a mile and a half radius of each other and offer investors the ability to raise rents to market rate without updating units,” said Ofman. “For additional rent growth, investors could make luxury cosmetic upgrades. The rents of the few units that already have stainless steel appliances, granite countertops and completely new bathrooms demonstrate the potential for 20 percent rent increases.”
Current ownership renovated the units between 2009 and 2013 and completed electrical, plumbing and cosmetic updates. All of the properties have copper plumbing, newer windows, well-maintained or new roofs, refinished hardwood floors, updated kitchens and bathrooms and individual hot water tanks and furnaces.
“The apartment units and buildings have been immaculately maintained,” said Logarakis. “All of the capital improvements that needed to be completed, have been.”
Throughout the 21 buildings, floorplans range from studio to four-bedroom duplexes, and rents range from $650 to $2,000 per month.
“Most of the rents fall between $900 to $1,100 with 55 of the 73 units being two-bedrooms,” said Cesario.