CHICAGO, IL - Kiser Group, Chicagoland’s leading multifamily brokerage firm, recently brokered the $4.915M sale of a 23-unit property at 924 W. Newport Avenue in Chicago’s Lakeview neighborhood. Director Andy Friedman and Advisor Jake Parker represented both the buyer and seller in this off-market 1031 exchange.
“Lakeview is a tried-and-true core multifamily submarket. It’s a desirable and stable neighborhood that continues to grow,” Kiser Group Director Jake Parker said. “In addition to its incredible location – close to transportation, restaurants and retail options – this property aligned well with our buyer’s portfolio goals and 1031 exchange needs.”
924 W. Newport Avenue was renovated in 2017 and offered the buyer a turn-key investment opportunity in the desirable Lakeview neighborhood. All 23 units – a mix of studios, one-bedroom and two-bedroom units – have in-unit laundry and modern finishes. The neighborhood offers residents great walkability and access to public transportation.
“We handle a variety of transactions on the North Side of Chicago,” Kiser Group Director Andy Friedman said. “We’ve closed everything from a five unit building in Lincoln Park to a 115 unit condominium deconversion in Lakeview, and many buildings in between. For this particular sale, we set a record for per-unit pricing on a corridor-style building at almost $214k per door.”
For properties available on the North Side of Chicago, visit KiserGroup.com
About Kiser Group: Kiser Group is Chicagoland’s leading commercial real estate brokerage firm specializing in the disposition of multifamily, mixed-use and development parcels. Founded in 2005, Kiser Group works with diverse owners and investors to value, market and close commercial properties successfully. The firm’s unmatched combination of experience, market intelligence and track record makes Kiser Group the go-to broker for the Chicago metropolitan area.