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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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Sale/Acquisition

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