CHICAGO, IL – Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered an $11.5M transaction in the Edgewater neighborhood of Chicago. The 80-unit property was brokered by Kiser Group’s Principal and Managing Broker Lee Kiser and Broker Associate Michael Feldstein. An affiliate of Horizon Group Realty Holdings LLC purchased the 5536 N. Sheridan Road asset from a local family partnership.
“North side neighborhoods continue to be very attractive to Investors,” said Kiser Group’s Principal and Managing Broker Lee Kiser. “In the mid-market, there are not that many opportunities for true value-add deals like this one. Similar to our $15.3M Edgewater portfolio closing in January, this offering received numerous offers, but went to the buyer with the strongest terms.”
“Edgewater is an exciting neighborhood to live in, and millennials are taking notice. Through several municipal projects and lavish new apartment projects, renters are flocking north of Foster Avenue. Most notably are the extensive public transportation upgrades to several Red Line stops in Edgewater, connecting the quiet neighborhood to the downtown Loop in less than 30 minutes. This has led to an easy transition for renters that have been “priced out” of other Northside neighborhoods, such as Lakeview and Lincoln Park,” said Kiser Group’s Broker Associate Michael Feldstein.
The seller chose to accept the offer with the best terms although there was a higher offer; however at $143,750 per unit, this deal still marks the highest price per unit for a four plus one asset north of Irving Park Road.
This listing team included Kiser Group’s Lee Kiser, Michael Feldstein and Ken Naslund.
About Kiser Group: Kiser Group is one of Chicago's most active and prominent commercial real estate brokers, specializing in the sale of Chicagoland's mid-market apartment buildings. We assist private investors and property owners with the sale or purchase of both stabilized and value-add multi-family properties. Using proprietary market data, we provide extensive, in-depth knowledge of Chicago’s neighborhoods and surrounding suburbs, maximizing value on behalf of our clients. Kiser Group’s professionals bring an innovative, dynamic perspective to mid-market multifamily real estate.