Kiser Group Secures $20M Chicago Sale
The Rogers Park portfolio includes four buildings encompassing 220 units.
Chicago—Kiser Group recently brokered a $20 million portfolio transaction in Chicago’s Rogers Park. The company represented the seller, Ansonia Properties. Allen Smith of Winnemac Properties bought the four-building, 220-unit portfolio and is looking to implement a value-add plan which will include management standardization and in-unit renovations.
“You don’t often see this many units trading hands at the same time and going to a single investor,” Lee Kiser, principal & managing broker of Kiser Group, said in a statement. “It helps this investor reshape the market by bringing a standardization of amenities, unit finishes and management practices to a large number of units at the same time.”
Located at 1412 W. Chase Ave., 6945 N. Ashland Ave., 1310 W. Lunt Ave. and 1257 W. Lunt Ave., the vintage buildings include studio, one- and two-bedroom units. According to Kiser, the changes planned for the Rogers Park portfolio will be high-quality and well-managed, but not luxury, resulting in rents remaining affordable.
Image courtesy of Yardi Matrix