Kiser Group Lists Lakeview Apartment Portfolio of 134 Units

Kiser Group brokers Lee Kiser, Andy Friedman, Jake Parker and Viktor Radzieta have brought to market a rare opportunity to acquire two large apartment buildings in Lakeview. The properties, known as The Park Wellington and The Annabelle, are fully occupied and ideally located just steps from Chicago’s lakefront, vibrant nightlife, and public transit.

The buildings have been under current ownership for decades and the offering is already generating significant interest from both local and out-of-state investors, with a sale price expected in excess of $26 million.

“The Annabelle and Park Wellington are being sold as a strategic plan by the owner to move from longer-term, depreciated assets into larger new investments to increase both depreciable basis and return on equity,” said Lee Kiser, Designated Managing Broker in Illinois for Kiser Group. “The opportunity for the new owner is to reposition these assets for today’s Lakeview tenant”.

Lakeview is one of Chicago’s most proven, top-tier rental neighborhoods. With strong leasing momentum and sustained investor interest, the area also remains one of the most competitive multifamily markets in Chicago for investors.

“In the last four years, only eight apartment buildings of 60 units or more have traded in Lakeview,“ said Andy Friedman. “There is a reason for this- Lakeview remains one of the top tier neighborhoods in the city and when an investor is fortunate enough to purchase a large building they hold them dear”.

The buildings, both 1920’s construction corridor-style, have seen numerous capital improvements in recent years and are exceptionally well maintained.This Chicago-iconic architectural style is also highly efficient with very little square footage being wasted.

“The properties present investors with several paths forward- maintaining the properties as-is and capturing strong Lakeview rent growth, pursuing light renovations, or undertaking full gut rehabs to further improve value,” said Jake Parker “the multiple different paths create a wide variety of buyer profiles but no-matter what path is taken, these buildings will be great additions to any portfolio.”

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