Kiser Group Brokers $5.75 Million Sale of 43-Unit Hyde Park Apartment Building

Lee Kiser, Principal and Designated Managing Broker at Kiser Group, facilitated the sale of a 43-unit apartment building located at 5123–31 South University Avenue in Chicago’s Hyde Park neighborhood for $5,750,000. The property was sold by the Norm Levin Trust to Florin Pavel. 

The property consists of 43 apartments, including seven two-bedroom, one-bath units; 30 one-bedroom, one-bath units; and six studio apartments. Situated a few blocks from the University of Chicago and the 53rd Street retail corridor, the building benefits from consistent tenant demand and was 97.7% occupied at the time of sale. The property also features spacious unit layouts with classic vintage architectural elements.

The transaction was completed as part of the buyer’s 1031 exchange and aligned with an investment strategy focused on acquiring value-add opportunities in strong submarkets. Owned by the same family since 1962, the building has a long history of stable occupancy, with many residents living at the property for two to three decades. The buyer was attracted to the opportunity to renovate and reposition the asset to better serve student housing demand given its proximity to the University of Chicago.

Demand for multifamily housing investment in Hyde Park remains strong, driven by the presence of the University of Chicago and the neighborhood’s established amenities. Well-located properties with value-add potential remain highly sought after as buyers look to capitalize on strong long-term rental fundamentals.

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