Kiser Group brokered the sales of six Chicago-area properties in June 2014. The suburban closings include two Evanston, Ill., apartment buildings, one with 25 units and the other with 12 units; and an 18-unit mixed-use building in downtown Arlington Heights, Ill. The three Chicago properties include a four-unit apartment building in Lincoln Park; the bulk sale of seven condominium units in an eight-unit building in West Ridge; and a 14-unit apartment building in Auburn Gresham.
834-40 Judson – Evanston
834-40 Judson Ave. is a 25-unit courtyard apartment building located in Southeast Evanston. It includes four three-bedroom, 2 ½-bath duplexes, six three-bedroom, two-bath units, six two-bedroom, two-bath units, eight one-bedroom, one-bath plus den units and one one-bedroom, one-bath unit. The property offers garage parking. It sold for $7.9 million.
“A gut-rehab in 2006 brought high-end, condo-quality finishes throughout the building as well as all new mechanical systems,” said Matt Jones, managing director of Kiser Group. He and Mike Anguiano represented the seller in the sale. “There is very little supply of this type of quality building within walking distance of the Main Street Purple Line ‘L’ stop and the lakefront.”
15-17 N. Vail – Arlington Heights
This 18-unit mixed-use building at the corner of Vail Avenue and Davis Street in downtown Arlington Heights includes 16 one-bedroom, one-bath apartments and two commercial spaces. The two street-level restaurants in the three-story brick building see high foot traffic from both shoppers and commuters using the Metra Union Pacific/Northwest Line Arlington Heights station, which is located directly across the street. The property sold for $2.55 million.
“The buyer recognized the upside potential, with the property’s below market rents and its cap rate of 7.3 percent,” said Sean Connelly, senior managing director of Kiser Group, who represented the buyer in the transaction.
“The property’s location in the heart of pedestrian-friendly downtown Arlington Heights was a key selling point,” said Brian Mond, managing director of Kiser Group. He and Lee Kiser, principal of Kiser Group, represented the seller in the sale. 742-44 W. Dobson – Evanston
742-44 Dobson St. is a 12-unit corner walk-up apartment building in Evanston. The property consists of six three-bedroom apartments and six two-bedroom apartments. It sold for $1.4 million.
“Several tenants are long-term, and rents could be higher than current levels,” said Brian Semel, senior managing director of Kiser Group, who represented the buyer and the seller in the transaction.
2652 N. Marshfield – Lincoln Park
2652 N. Marshfield Ave. is a four-unit frame building plus coach house on a quiet residential street surrounded primarily by high-end single-family homes. It includes three two-bedroom apartments and one three-bedroom unit. Tenants pay utilities. Three of the units are duplexed. It sold for $750,000.
“This property is a value-add opportunity in the highly desirable Lincoln Park location,” said Mond. He and Jones represented the buyer and the seller in the transaction.
6430 N. Bell – West Ridge
Located at 6430 N. Bell Ave. in the West Ridge neighborhood on Chicago’s North Side, this transaction consists of seven vacant condo units in an eight-unit building (one unit sold previously). The unit mix includes five two-bedroom, two-bath units and two three-bedroom, two-bath units. Originally built in 1926, the building was converted to condominiums within the last five years. Parking is included behind the building. It sold for $625,000.
“This value-add opportunity allows the investor to quickly finish the substantial construction that has already been done,” said Bill Baumann, senior managing director of Kiser Group, who represented the seller in the sale. “Major building updates include new electric, plumbing and windows; and the units already have new kitchens and baths with new appliances, cabinets and granite countertops as well as hardwood flooring throughout.”
1444 W. 81st – Auburn Gresham
This fully occupied 14-unit apartment building in Chicago’s Auburn Gresham neighborhood consists of four one-bedroom, seven two-bedroom and three three-bedroom units, each with one bath. The building has updated kitchens and baths, a new boiler and new porches. It sold for $265,000.
“The above 18 percent cap rate was attractive; this property sold in only 24 days,” said Noah Birk, managing director of Kiser Group, who represented both the buyer and seller in the transaction.
All the names of buyers and sellers involved in these transactions are not available at this time.