CHICAGO, IL - Kiser Group, a Chicago mid-market multifamily brokerage firm, announced their newest listing: new construction luxury condominiums that will be sold as apartments. Nestled between Chicago’s Fulton Market District and Ukrainian Village, 1649-59 W. Grand will feature 15 modern styled apartments and 2,700 square feet of rentable retail space.
Regency Development Group, LLC had initial plans to sell the individual units as condominiums. After reviewing Kiser Group’s analysis of the market, the development group decided the value of the property as apartments would most likely be higher than the sell-out value of the condominiums.
1649-59 W. Grand is located in West Town, the forefront of Chicago’s trends. The property is half a mile from Fulton Market, an eclectic neighborhood where food, art, business and the industrial history intertwine. Ukrainian Village, which was named the nation’s “hottest neighborhood of 2016” according to RedFin, is four blocks west of the property.
Leading Kiser Group’s analysis and representation of the seller are Danny Mantis, Associate Broker, and Michael D’Agostino, Broker.
“There is an increasing demand for luxury rentals in this area, but the supply is low. As the West Loop and Fulton Market District continues to grow, more people are being drawn to this area, but may not necessarily be ready to buy yet,” said Danny Mantis.
The aesthetics of the building and units mirror the sense of modernity developing in the area. Each unit consists of three bedrooms and two bathrooms as well as individual HVAC, laundry and stainless steel appliances. The property also includes roughly 20 parking spots and a bicycle storage room.
The listing price for the property is $9.75 million, representing an approximate 5.5% cap rate based on the brokers’ proforma. A certificate of occupancy is anticipated in late summer of 2016.
ABOUT KISER GROUP: Kiser Group is Chicagoland’s leading, mid-market commercial real estate resource and services organization. We specialize in the disposition of multi-family, mixed-use, land and other investment properties. Defined by our sophisticated boutique approach and knowledge of the market, we work with diverse owners and investors to value, market and close commercial properties successfully. As a result of our experience, our unmatched track-record and the integrated solutions we provide, Kiser Group remains the Chicago metropolitan area's go-to broker.