Kiser Group Advisor Jack Petrando Discusses Multifamily Housing Market Summer Outlook for Chicago’s Austin Neighborhood

CHICAGO, IL - Investors seeking to make the most of their next purchase should not overlook Chicago’s westside Austin neighborhood, according to Kiser Group Advisor Jack Petrando. As Chicagoland’s leading multifamily brokerage firm, Kiser Group assists multifamily buyers and sellers across the city, and Petrando’s hard work is paying off in the up-and-coming neighborhood. 

“We continue to see a high volume of activity in Austin,” Kiser Group Advisor Jack Petrando said. “Rental prices are increasing in the neighborhood, and with more rental demand and appreciating building values, now is the time to invest in the neighborhood.”

With nearly a dozen listings in Austin, Petrando has a deep knowledge of the neighborhood and surrounding areas. With experience in multifamily and affordable housing, he’s helping leverage the growing market for investors and sellers alike. Recently, he closed two deals, at 5000 W. Monroe and 5916 W. Fulton, which sold for $68,000 per unit and $65,000 per unit, respectively. Petrando also has three properties currently under contract and on pace to close for more than $85,000 per unit:

  •     5301 W. Washington - under contract for $102,000 per unit
  •     347 S. Central - under contract for $87,000 per unit
  •     7 W. Division (located on the corner of Austin Blvd and Division) - under contract for $90,000 per unit

“Our recent transactions show the benefits of investing now. With recent prices per unit consistently at or above $70,000, Austin is an area primed for incredible growth in the coming years. I think we’ll see lots of activity here this summer,” said Petrando.

For investors serious about purchasing in Austin, Petrando currently has three listing still on the market:

  •     118-124 N. Menard, a 20-unit property listed at $2.05M
  •     10 S. Mason and 312 N. Central, a combined 110 units listed for $6.25M
  •     A 21-unit, off-market property listed at $69,000 per unit

For more information on Petrando’s available properties, 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.

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