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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.” 


Inside The Story

Kiser Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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 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).

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