Kiser Group Partner Andy Friedman and Senior Director Jake Parker have closed the sale of three fully occupied multifamily properties in Chicago’s Edgewater neighborhood, totaling $10.45 million.
The properties, which were all built in 2016, consist of large two- and three-bedroom units with ground-floor NNN commercial space and are predominantly occupied by students due to their proximity to Loyola University.
The deal included the properties at 1244 W. Devon which features 11 units, and sold for $4.35 million. The portfolio also consisted of 1301 W. Devon, a seven-unit property that sold for $2.95 million and 1325 W. Devon a similar building that sold for $3.15 million.
“Originally listed as a whole, our launch timing unfortunately coincided with the rapid rise in interest rates,” said Andy Friedman. “Ultimately, all three buildings sold to new entrants in the market—a doctor from Columbus, a 1031 buyer from the Northwest Suburbs, and a local retail investor purchasing their first mixed-use property.”
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