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Multi-family
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2 unit(s)
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2
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Kiser Group has been exclusively engaged to market for sale this two-property portfolio in Chicago’s Edgewater neighborhood.
6211 N. Kenmore, a 28-unit 4+1 style building is well-situated for Loyola University students as it’s just 0.1 miles from campus and one block from Lake Michigan. The building is comprised of twelve (12) studio apartments, sixteen (16) 1 bedroom / 1 bathroom units, and includes 19 parking spaces. In 2018, ownership renovated common area spaces and modernized units. These updates included new kitchens, bathrooms, flooring, doors, and windows, creating a more open floor plan for residents. Additionally, plumbing and electrical throughout were replaced, the parking lot was resurfaced, and laundry rooms were added on every floor by converting existing storage rooms. This acquisition provides consistent demand from students and hedges against a continuously changing market. Additionally, current rents are on average 11%+ below market for nearby apartment buildings with similar finishes.
5710 N. Winthrop, a 42-unit corridor-style building has twenty-five (25) studio apartments and seventeen (17) one-bedroom / one-bathroom units. In December 2020, ownership started an 18-month, large-scale renovation project. The work included new building electrical, and common space updates such as flooring, baseboards, lighting, and doors. Units were renovated to modernize kitchens and baths with quartz countertops, shaker-style cabinetry, new flooring, lighting, etc. Also, floor plans were reconfigured to offer open-concept living, and windows were replaced to maximize natural light. Current rents are, on average, 12% below market for nearby apartment buildings with similar finishes, allowing for new ownership to operate more aggressively and move rents to market rates.
- Two property portfolio in Edgewater – 6211 N. Kenmore & 5710 N. Winthrop
- Renovated common area spaces
- 70 modernized apartments with rental upside in current rates
- Upgraded plumbing, electric, and mechanical systems
