Chicago Luxury Community Trades in 1031 Exchange

Anderson Point. Image courtesy of Kiser Group

Lake Street has acquired Anderson Point, a 155-unit luxury community in Andersonville, a Chicago neighborhood. MCZ Edgewater Development sold the property for $53.5 million through a 1031 exchange.

Managing Broker Lee Kiser, Advisor Katie LeGrand and Associate Jacob Price from Kiser Group brokered the transaction.

Anderson Point is an adaptive-reuse project completed in 2019. Formerly, the building was a medical center, but the previous owner used a $26.7 million construction loan originated by Heartland Bank and Trust Co. to convert it to apartments in 2021, according to Yardi Matrix data. The same data provider shows that 29 units at Anderson Point are affordable.

Designed by William Rondon Horn from 2R/Z Architecture, the property encompasses studios, one-, two- and three-bedroom floorplans ranging between 450 and 1,725 square feet. In-unit amenities include washers and dryers, floating kitchen islands and stainless-steel appliances. The community includes a fitness center, a bike room, a lounge area, a coffee bar, private offices and workspaces, a rooftop deck, grilling stations and fire pits.

Anderson Point is located in the Edgewater submarket, at 5700 North Ashland Ave. There are many dining options, retail centers, entertainment venues and green areas in the property’s proximity, such as Montrose Beach, Warren Park and Lincolnwood Town Center. Loyola University of Chicago and Northeastern Illinois University are within a 3.4-mile radius of the property.