CHICAGO, IL - Kiser Group, Chicagoland’s leading multifamily brokerage firm, announces the exclusive listing of Harvard House Condominiums, a 94-unit property in the East Lakeview neighborhood of Chicago. Listed for $19,000,000, the property is located at 3825 N. Pine Grove Avenue. Director Andy Friedman and Advisor Jake Parker are representing the association in this Section 15 deconversion sale.
“Harvard House is a perfect example of the benefits of a deconversion sale,” Kiser Group Andy Friedman said. “With a large bulk owner and 90% of the units at the property used as rentals, resale values of individual units are quite depressed. This sale will allow owners to exit their investment at prices far exceeding current condominium values. For investors, 3825 N. Pine Grove presents a value-add opportunity of size, an infrequent opportunity in the neighborhood.”
Built in 1969 and converted to condominiums in 1991, Harvard House has an atypical unit mix for a 4+1 construction building, consisting of (24) studios, (54) one-bedroom units, (8) two-bedroom/one-and-a-half bath units and (8) two-bedroom/two-bath units. The property also has 52 parking spots which provide an excellent revenue source in a high-density neighborhood.
“With a high walkability score and close proximity to Lakefront, public transportation and the Northalsted area, this property is poised for a significant return on investment,” Kiser Group Director Jake Parker said. “The buyer will have the opportunity to capitalize on demonstrable rent gains through property renovations.”
For more information on the Harvard House Condominiums deconversion, click this link.
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.