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Chicago & Midwest  + North Side  + Apartments  | 

Albany Park Parcel Trades for Affordable Development

Kiser Group recently brokered the $1.65-million sale of a development site at 3441 W. Montrose Ave. in the North Side’s Albany Park neighborhood. The buyer, Evergreen Real Estate Group, is planning 48 affordable housing units on the site. The seller was not disclosed.

“Outside of high rent neighborhoods such as River North, Lincoln Park and Lakeview, it has been more and more difficult for market-rate developers to build group-up construction profitably,” said Kiser’s Michael D’Agostino (pictured), who arranged the sale with colleague Jake Parker.

D’Agostino added that the city’s recently-enacted affordable housing requirements “have priced a lot of these developers out of the market, which leaves room for affordable and mixed-income housing groups such as Evergreen to build new construction apartments using tax credit financing. Chicago is in serious need of more affordable housing, and Evergreen is creating supply where demand exists.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Development
  • ◦Sale/Acquisition
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