Kiser Group Closes $33.87 Million Sale of The Avondale, Luxury Apartment Community in Avondale

Kiser Group brokers Andy Friedman, Partner; Jake Parker, Senior Director; and Viktor Radzieta, Advisor; have closed the $33,870,000 sale of The Avondale, a 52-unit luxury townhouse community located at 4200 W Belmont Ave, Chicago, IL 60641. The property, built by Noah Properties, sold off-market to an out-of-state investor on August 15, 2025.

The Avondale, originally developed as luxury townhouses, consists of exceptionally large residences including three-bedroom, three-and-a-half-bath units averaging 2,214 square feet; four-bedroom, three-and-a-half-bath units averaging 2,558 square feet; and five-bedroom, four-and-a-half-bath units averaging 4,296 square feet. Each residence features a private two-car garage, rooftop deck, and high-end luxury finishes- making the community uniquely positioned for conversion into for-sale townhomes.

At the time of sale, the property was 92% occupied. The buyer plans to reposition the asset by selling the units individually as townhome condominiums.

“This was a milestone transaction because it runs counter to the prevailing trend of the past decade, condominium to apartment deconversions,” said Andy Friedman, Partner at Kiser Group. “The lack of for-sale condominium inventory created by the mortgage lock-in effect and paucity of new supply has increased condo pricing to the point where some properties are worth more as condominiums than they are as apartments.  That’s quite a swing from the days of condominium supply glut that prevailed for so long”

Chicago’s North Side has seen consistently strong demand for high-end residential product due to limited condominium and housing availability. Avondale, in particular, has emerged as one of the city’s most desirable neighborhoods for families and professionals seeking spacious, luxury living options.

“The unique size and luxury of these homes made The Avondale an ideal candidate for a conversion,” added Jake Parker, Senior Director at Kiser Group. “Above and beyond the fact that for-sale housing is undersupplied, the large townhouse floorplans of the Avondale are especially unique.  We anticipate extremely strong buyer interest as these townhomes come to market individually.”

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