CHICAGO, IL - KIG, an institutional multifamily brokerage, announces Randolph Street Realty Capital LLC purchased 1819 W Division Street for $14.295 million. The 36-unit, four-story multifamily asset offers 9,000 square feet of ground floor retail and 36 parking spaces. The asset is located on the corner of Division and Honore in the Wicker Park neighborhood of Chicago. At the time of sale, the newly completed 1819 W Division Street asset was vacant. Randolph Street Realty Capital LLC has begun lease-up of the asset. This off-market transaction marks another institutional neighborhood investment facilitated by KIG.
KIG’s Principal and Managing Broker Susan Tjarksen and Managing Partner Todd Stofflet represented the buyer, Randolph Street Realty Capital LLC. The developer and seller was Smithfield Properties LLC.
“We were impressed by the quality of the asset and attracted by its location, at the heart of the pedestrian-friendly Division Street corridor in Wicker Park,” said Robert Tanaka, Principal of Randolph Street Realty Capital. “We look forward to seeing how the residential and commercial leasing effort shapes up.”
“We are seeing increased institutional investment in Chicago neighborhoods as core opportunities continue to trade at a premium. Many groups are looking to new and smaller assets in strong neighborhoods such as Wicker Park,” said Todd Stofflet, KIG’s Managing Partner. “Randolph Street was presented with the unique opportunity to buy the asset vacant and execute their own lease-up strategy.”
“We are thrilled to bring institutional money to the Wicker Park neighborhood,” said Susan Tjarksen, Principal and Managing Broker at KIG.
About KIG: KIG CRE LLC (“KIG”) is a Chicago-based commercial real estate brokerage specializing in institutional multifamily properties. KIG works with institutional owners and investors on the acquisition and disposition of large multifamily properties and portfolios, as well as consulting with developers of multifamily projects, whether apartment or condominium. KIG utilizes dynamic market intelligence created for a wider group of multifamily decision makers, resulting in a more transparent and profitable process. KIG’s principals, wielding expert, in-depth multifamily knowledge and an unparalleled track record in transactions, have assembled a forward-thinking team to interpret and deliver data-driven intelligence to today's institutional investor. For more information, please visit
www.kigcre.com.
About Randolph Street Realty Capital LLC Randolph Street Realty Capital LLC (“RSRC”) is a Chicago-based fully integrated multifamily and mixed-use operator and developer founded in 2009 by two former executives at Equity Residential. RSRC currently has investments in Chicago,
Seattle and the Twin Cities markets.