Kiser Group Closes Sale of Andersonville Medical Center Turned into Apartments
Kiser Group managing broker Lee Kiser, along with advisor Katie LeGrand and associate Jacob Price, brokered a transaction at 5700 N Ashland Ave, located in Chicago’s Andersonville neighborhood. The apartment property, Anderson Point, sold for $53,500,000.
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. The seller transformed the former hospital into a luxury apartment property. According to Kiser, properties in Andersonville do not trade hands often, making this a rare opportunity.
“Apartment properties in the neighborhood are almost entirely vintage 3-story walk-up buildings with few or no amenities,” he said. “Anderson Point caters to an upscale tenant who previously would not have been able to find luxury apartments with full-scale amenities in Andersonville.”