Kiser Group Reps Buyer of Chicago Multifamily Portfolio
The two properties are located in Evanston and used to belong to Stephen Matic. Danny Mantis and Lee Kiser represented the buyer in the $17 million deal.
Kiser Group has arranged a $17 million acquisition of two communities in Evanston, Ill., that were previously owned by Stephen Matic. Danny Mantis and Lee Kiser arranged the deal on behalf of the buyer, who, as Mantis stated in prepared remarks, “does not plan on making these apartments a value-add play.” The two assets total 90 units and have been fully occupied, largely by Northwestern University students.
One of the properties is located at 1940 Sherman Ave. and has been under the same ownership for the past 35 years. It encompasses 56 studio, one-, two- and three-bedroom units, a 16-car parking lot, a street-level office space, a small indoor garage and some storage space. According to real estate data provider Yardi Matrix, the community was completed in 1929 and features a fitness center and Wi-Fi access. In 2014, the former owner closed a $5.1 million HUD loan originated by NorthMarq Capital.
Matic acquired the other asset, located at 829 Foster St., in 2006 in a transaction that Kiser Group arranged as well. Two years later, it was fully renovated. The 31-unit building sits half a block from the Sherman property and has two commercial spaces.
The transaction comes two months after Kiser Group arranged a four-building multifamily portfolio at the border of South Shore and South Chicago neighborhoods.
Image courtesy of Kiser Group
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