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Kiser Group Arranges Bulk Sale of Uptown Condos
Kiser Group arranged the $3.05-million sale of 29 condominium units in a 37-unit multifamily property in the North Side’s Uptown neighborhood. The bulk sale represents 75% ownership in the condominium association for 850 W. Margate Terr.
Kiser Group advisors Andy Friedman and Jake Parker represented both the buyer, Lakepointe Properties, and seller, an unnamed family trust.
“This bulk sale offers a unique opportunity, both immediately and in the future,” said Friedman. “The buyer already has great potential with his plans for renovation, and he will come in with three-quarter ownership in the building’s association, giving him a majority position conducive for a full-building deconversion at a later date.”
Parker added, “Uptown is one of the fastest growing neighborhoods in the city and the majority of the units are currently rented well below market rates. The return on renovation spend here will be significant.”
- ◦Sale/Acquisition
