Kiser Group Closes Sale of Illinois Community
The 152-unit apartment complex in Montgomery, Ill. sold for $10.9 million as part of a 1031 exchange between the owner and a Chicago-based investor.
By Roxana Baiceanu
Kiser Group brokered the sale of a three-story, 152-unit multifamily community in Montgomery, Ill., which was part of a 1031 exchange between a Chicago-based investor and the owner of the property. The closing price was set at $10.9 million. John Meyer, Kiser Group’s senior director, represented both the seller and the buyer in the transaction.
Located just one hour west of downtown Chicago, the residential property at 800-834 Victoria Drive was built in the 1970s and occupies 2.5 acres. The previous owner has brought several capital improvements to it within the last 15 years such as new roofs, brick vestibules and siding. “I anticipate the new owner creating value for the property within 12 months after a re-positioning and re-branding campaign,” Meyer said in prepared remarks.
The property offers studios, one- and two-bedroom units with rent starting at $650 per month. The nearby area is home to several fast food restaurants and a Walmart Supercenter.
Montgomery is a village less than three miles south of Aurora Ill. which has been growing at a fast pace in the last two decades: from a population of 5,500 in the 2000s to 19,000 residents in 2010. It is located close to Interstate 88.
Image courtesy of Kiser Group