May 8, 2020
Kiser Group brokered a three-building, 36-unit portfolio located in the North Side’s Portage Park neighborhood. The portfolio included 3905-11 N. Linder; 3514-18 N. Long and 3816-24 N Long.
Drexel Properties purchased the portfolio for $3,525,000 from a long-time Chicago landlord. Kiser Group’s Rick Ofman was the sole broker in the transaction.
“The focus needed for this deal was a welcome distraction from all the more pressing things in our lives right now,” said Ofman. “The buyer was determined to close on this value-add investment as it increases his already substantial presence in the area; however, it was far from easy. There were numerous active violations on each property, and we worked through countless obstacles to close.”
The portfolio features mostly two-bedroom units, with a few studios and one-bedrooms. The average two-bedroom rent is $1,200, and average one-bedroom rent is $950 per month.
For comments, questions or concerns, please contact Paul Bubny