Renaissance North, 551 W. North Ave., Chicago, IL
CHICAGO, IL—Kiser Group and Affordable Housing Investment Brokerage arranged the sale of Renaissance North in Chicago's Old Town neighborhood for $15.45 million. Kiser Group's senior director Michael D'Agostino and Affordable Housing Investment Brokerage managing director Kyle Shoemaker represented the buyer, a national investment fund focused on workforce and affordable housing, and seller Renaissance Companies.
Renaissance North, located at 551 W. North Ave., is a 59-unit apartment building with ground floor retail in Chicago's Old Town neighborhood. Built in 2003 under the Low-Income Housing Tax Credit program and HOME funds via the City of Chicago, and 18 units are subsidized by an agreement with the Chicago Housing Authority.
“As one of the first sales of a property that was part of the CHA's Plan for Transformation, this deal presented unique challenges that required a buyer well-versed in not only the LIHTC program, but also dealing with multiple other layers of government regulation,” says Shoemaker.
“This property required a specific buyer profile and we were pleased with the national investor interest,” says D'Agostino. “In addition to the buyer's focus on affordable housing, they saw opportunities to add value in the market rate units and the parking garage as well.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
