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Chicago & Midwest  + North Side  + CRE Insider  |  October 15, 2024
Jasmine Kilman
By: Jasmine Kilman

Newly Built North Side Apartments Bought for $17M

Chicago-based KMA Companies and Property Management has added to its multifamily managed portfolio with the acquisition of The Topaz, formerly known as Low Line Commons. The 53-unit property, located at 3421 N. Ashland Avenue in the city’s Lakeview neighborhood, was purchased for $17.150 million.

The acquisition was made by Whitewater Management Holdings LLC, KMA’s affiliated investment fund. The sale was brokered by Nate Gautsche and Sean Mason of Chicago Real Estate Resources. Debt was provided by Kyle Kalkofen and Melissa Ambrose at JP Morgan Chase. The seller was Wildwood Investments LLC. 10% of units are designated as affordable at 60% AMI under Chicago’s Affordable Requirement Ordinance.

Built in 2023, The Topaz features a variety of apartments, including studios, one-bedroom, and two-bedroom units, with floor plans averaging 750 square feet. “We are pleased to announce our latest acquisition in one of the highest barriers to entry neighborhoods in Chicago,” said Devin Rowland, Principal of Whitewater Management Holdings LLC.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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