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Edgewater Condos Turned Rentals Go for $43M in Off-Market Deal
Kiser Group represented both the buyer, TLC Management and seller, Greenstone Property Group, in a $43-million, 188-unit off-market deal for 5815 N. Sheridan in the North Side’s Edgewater neighborhood. Principal and managing broker Lee Kiser represented both parties.
5815. N Sheridan last sold in 2018 for $27.2 million. Greenstone acquired the multifamily asset and began an extensive value-add program.
“In 2018, I reached out to Greenstone Property Group after they acquired the property and told them it was a great purchase on a price per unit basis,” said Kiser. “Since then, they completed significant capital expenditures including renovating 70% of the apartments, replacing the passenger elevators, and installing new boilers.”
The building was a condominium when previously on the market and Greenstone’s purchase resulted in a deconversion. Arguably the property’s most distinctive feature is its location: it’s one of the only high-rise rentals in Chicago that fronts Lake Michigan.
- ◦Sale/Acquisition
