The hunt for value-add multifamily properties is not limited to the Far North Side. Kiser Group, which knows a thing or two about why investors love the yield of value-add apartments, brokered a $29M deal for a three-property portfolio on the South Side.
The portfolio is mostly concentrated around Washington Park, East Woodlawn and South Shore — three neighborhoods benefiting from an uptick in real estate development and activity such as the University of Chicago's sales and construction in Hyde Park, the announcement of the Obama Presidential Library being built in Jackson Park and the Preservation of Affordable Housing's affordable housing developments in Woodlawn.
The seller, WPD Management, is one of the largest multifamily owners on the South Side with over 2,000 units under its control, and decided to take advantage of the increased interest and high demand in these neighborhoods. Kiser Group's Noah Birk and Aaron Sklar were the sole brokers in the sale. WPD's owners, Kevin Nugent and Eric Green, will use the proceeds from the sale to acquire more value-add properties.
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