CHICAGO, IL - Kiser Group, Chicago’s leading mid-market multifamily brokerage firm, recently brokered a $29 million portfolio on the south side of Chicago. The 21-building, 370-unit deal was brokered by Kiser Group’s Director Noah Birk and Broker Aaron Sklar.
“It’s rare to see such a large deal on the south side,” said Kiser Group Director Noah Birk. “Over the past couple of years Washington Park, East Woodlawn, South Shore and other South Side Chicago neighborhoods are seeing a surge of investor interest due to the high returns seen in the market.”
“Chicago’s South Side has seen a huge pickup in demand recently. Given the new developments such as The Obama Library and the redesigning of the Jackson Park golf course by Tiger Woods, coupled with higher returns, we’re seeing large interest from both new and current investors,” said Kiser Group Broker Aaron Sklar.
The 21-buildings in the portfolio are located throughout Chicago’s South Side neighborhoods with a large presence in Washington Park, East Woodlawn and South Shore. The properties include studios, one-bedroom, two-bedroom, three-bedroom and four-bedroom units as well as retail. The units are of good quality and are well managed.
The seller, WPD Management, is one of the largest owners and third-party managers on the south side. WPD Management decided to part with a portion of their portfolio in order to take advantage of high demand and growing interest in the South Side neighborhoods in which WPD has always operated. WPD owners, Kevin Nugent and Eric Green, stated that they will continue to acquire value-add South Side properties and expand WPD’s property management business. Following the sale, WPD will still manage over 2,000 units on the South Side.
About Kiser Group: Kiser Group is Chicagoland’s leading mid-market commercial real estate brokerage firm specializing in the disposition of multifamily, mixed-use and development parcels. Founded in 2005, Kiser Group works with diverse owners and investors to value, market and close commercial properties successfully. The firm’s unmatched combination of experience, market intelligence and track record makes Kiser Group the go-to broker for the Chicago metropolitan area.