Monarch Realty Partners sold Kimball Station, a 59-unit apartment building in Chicago’s Albany Park neighborhood, for $15,240,000. Excluding two commercial spaces which were vacant at the time of sale, the property sold for over $258,000 per unit.
Constructed in 2008 and located at 4730 N. Kimball Avenue, the property is directly across from the Kimball Station CTA Brown Line and includes 59 apartments and two commercial spaces. The buyer, an experienced local investor, plans to add the property to its already sizeable Chicagoland portfolio. Bill Baumann, Brian Semel and Michael Anguiano of Monarch Realty Partners brokered the transaction for Inland Private Capital Corporation.
“The sale underscores the continued demand we’re seeing for both value-add and luxury rental product. We conducted approximately 25 property tours and received 10 written offers from both local and national investors” said Baumann, a principal at Monarch. “The property offered the buyer a unique opportunity to acquire a newer construction rental building in a strong North Sside neighborhood close to replacement cost. Given the continued increase in construction costs and land, Kimball Station provided the benefits of modern layouts and finishes but with a lower cost basis and no affordable unit requirements that developers and investors face today.”
“We’re seeing significant investor interest in neighborhoods like Albany Park where rents are still often below $1.75 per square foot and relatively affordable compared to areas closer to downtown where rents are well in excess of $3.00 per square foot.” Said Semel, a principal at Monarch. “In terms of continued rent growth, these locations may have more room to run.”