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Kiser Group Brokers 2 Rogers Park Apartment Property Sales

CHICAGO - Kiser Group brokered apartment building transactions in Rogers Park, totaling approximately $5.7 million. The buildings are located at 6747-67 N. Sheridan and 7453 N. Western.

By Chip Barnett | Updated on February 05, 2013

   CHICAGO – Kiser Group brokered apartment building transactions in Rogers Park, at 6747-67 N. Sheridan and 7453 N. Western.

   ”I think these two sales perhaps mark a turning point for Rogers Park, which has until recently primarily seen distressed sales,” says Brian Semel, managing director of Kiser Group, says in a press release. “The Sheridan deal is a non-distressed core asset sale with rental upside, and Western is notable because it is a stabilized new-construction sale.”    Semel represented buyer and seller in both sales, which closed at the end of December.    The property located at 6747-67 N. Sheridan consists of two adjacent apartment buildings with a total of 41 units. It sold for $4 million to an investment group, which will likely maintain the property as rental units. The seller for the Sheridan property was a land trust.    ”Location, unit mix and parking were key selling points of this property,” Semel says. “ Loyola University is only three blocks away, and proximity to the beach and Red Line were other attractive attributes of the property.”    The property located at 7453 N. Western consists of eight apartments. It sold for about $1.693 million to a private investor, who will likely maintain units as rental units, noted Semel. The seller was an entity named 7453 N. Western Avene Investments LLC.    ”The units in the Western building were conceived as luxury condos but no units sold and these are now rentals,” Seme says. “Unit mix and the large condominium quality of units were key selling points.”    Kiser Group is a Chicago-based commercial real estate brokerage firm specializing in the mid-market apartment sector.

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