CHICAGO — Locally based Kiser Group has arranged the sale of 155-unit Anderson Point in Chicago’s Andersonville neighborhood for $53 million. The transaction was arranged by Lee Kiser, Katie LeGrand and Jacob Price of Kiser Group. The buyer, Lake Street Lofts LLC, purchased the property from MCZ Edgewater Development LLC in a 1031 exchange. Anderson Point is an adaptive reuse of the Edgewater Medical Center and was transformed by the seller in 2021. Anderson Point offers a mix of studio, one-, two- and three-bedroom units. Amenities include indoor parking, in-unit …
CHICAGO — Lendlease has begun pre-leasing at The Reed at Southbank, located at 234 W. Polk St. in Chicago’s South Loop. A 41-story residential tower including rental and for-sale units, The Reed is the second building Lendlease is developing as part of Southbank, its 7-acre master-planned community situated along the Chicago River. The Reed at Southbank features 224 apartments on floors nine through 22, including studio to three-bedroom floor plans ranging from 544 to 1,417 square feet. Prices begin at $2,160 for studios, $2,230 for convertibles, $2,500 for one-bedrooms, $3,710 …
Often dubbed the Wall Street of Chicago, the LaSalle Street corridor historically has been the location of choice for big business in the Windy City. However, in recent years the corridor has suffered from significant vacancies largely due to the remote work trend of the pandemic and an overall shift to remain remote permanently. In response, Chicago’s employers either downsized office space or completely left the office environment altogether. Chicago’s overall office vacancy situation has been on an increasing trend for over two years. According to fourth-quarter 2022 data from …
CHICAGO — Kiser Group has arranged the sale of a five-building apartment portfolio in Chicago for $23 million. The mostly vacant properties have a total of 198 units and are located within the northern Chicago neighborhoods of West Rogers Park, Bowmanville and Budlong Woods. The sale represents one of the largest transactions completed in 2022 throughout the far northside of Chicago, according to CoStar. Danny Logarakis, director of Kiser Group, brokered the sale. The seller was a private individual that had owned the properties for more than 40 years. The …
ARLINGTON HEIGHTS, ILL. — Bayshore Properties has acquired Stonebridge of Arlington Heights, a 586-unit multifamily property in Arlington Heights in Chicago’s northwest suburbs for $131 million. The Conor Group was the seller. Stonebridge of Arlington Heights was built in 1973 and features one- and two-bedroom floor plan layouts across six buildings. The average apartment size is 1,075 square feet. Resident amenities include a fitness center, pool, basketball court and bike storage. Steve LaMotte Jr., John Jaeger, Dane Wilson, Justin Puppi and Ross Wettersten of CBRE represented the seller. Dan Sacks …
CHICAGO — Kiser Group has brokered the condominium deconversion sale of 3825 N. Pine Grove in Chicago’s Lakeview neighborhood. The seller, the 3825 N. Pine Grove Condominium Association, received $18.3 million in the transaction. The buyer was not disclosed. According to CoStar, this is only the third building of 90 or more units that has been traded in Lakeview in the last five years. The property is home to 94 units featuring both studio and two-bedroom layouts and 54 parking spaces. At the time of sale, 90 percent of the …
CHICAGO — Chicago-based developer Related Midwest has revealed project details for The Row Fulton Market, a 43-story, 300-unit high-rise currently under construction in Chicago’s historic Fulton Market District. Located at 164 N. Peoria St., the development is currently scheduled to open in June. Developed under the recently passed Affordable Illinois legislation, The Row is one of Chicago’s first 80/20 buildings, setting aside 20 percent of residences for affordable housing Resident amenities include a fitness club, yoga studio, children’s play suite, reservable entertainment suite with adjacent terrace and outdoor kitchen, multiple …
CHICAGO — Peak Properties LLC will take on management duties for the 10-unit property at 2919-2921 N. Whipple in Chicago’s Logan Square neighborhood. An unnamed local investor acquired the property for $2 million as part of a 1031 exchange in November 2022. Built in 1927, the vintage building features 10 one-bedroom units all with updated bathrooms, kitchens with stainless steel appliances. Key elements of the property were addressed after the building was purchased, including the roof, windows, boiler and electrical service.
CHICAGO — Developer VISTA Property and general contractor Skender have topped out construction on 741 N. Wells Street, a new mixed-use development in Chicago’s River North neighborhood. The 21-story, 201,000-square-foot development will include 168 units. Community amenities include a rooftop terrace with pool, meeting facilities, exercise area, bicycle storage and parking for roughly 50 vehicles. VISTA Property financed the project with a first mortgage loan from Huntington Bank. In addition to VISTA Property and Skender, the project development team includes Antunovich Associates as architects. Luxury Living Chicago Realty will head …
CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of …