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An out-of-state investor paid $2 million for a pair of multifamily properties on South Homan in Chicago's East Garfield Park neighborhood

Multifamily Duo in East Garfield Park Sells to Out-of-State-Buyer

Kiser Group partners Aaron Sklar and Noah Birk and director Jack Petrando recently closed the sale of Homan Properties, comprising a total of 35 units across two properties on South Homan in Chicago’s East Garfield Park. The properties sold for $2 million to an out-of-state buyer.  

The property at 351 S Homan comprises a mix of two-, three-, and four-bedroom units, whilet 10-18 S Homan comprises 14 two-bedroom and 3 three-bedroom units.  

“Larger units with two-, three-, and four bedrooms are achieving record high rental amounts in the neighborhood,” said Petrando. “We’ve seen as high as $1,500 for a four-bedroom unit, and over $1,200 for two bedrooms.”  

He continued, “The buyer was looking for properties in this neighborhood specifically, as it’s been improving year over year. Now, they have the opportunity to fill in vacancies with their own tenants and increase rents by over 25% of what’s currently being achieved.” 

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Inside The Story

Kiser Group's Birk, Sklar and Petrando

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 GlobeSt.com 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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