Kiser Group has closed the $7.3 million disposition of Lockport South Apartments, an 80-unit community in Chicago’s southwestern suburbs. Director Matt Halper, Advisor Danny Mantis and Principal & Managing Broker Lee Kiser represented both parties in one of 2020’s largest transactions in Will County.
Keen Realty & Management was the seller, according to Yardi Matrix. The investor had owned the asset since the 1980s, Mantis noted.
Located on 4.3 acres at 551 Diane Court in Lockport, Ill., the property offers 40 two-bedroom townhouses and 40 one-bedroom apartments. The 10-building community is 37 miles from downtown Chicago. The site is within 3 miles of Interstate 355 and 1 mile south of the East Ninth Street retail corridor.
While several notable multifamily investments closed in the market throughout 2020, the majority involved properties closer to Chicago’s urban core. Sales in Will County declined significantly, with 2020’s total sales volume at a level one-third the previous year, according to Kiser.
In November, the brokerage arranged the $1.4 million sale of a 12-unit community in Chicago’s South Shore neighborhood. The transaction closed at a record high price per unit for the area.