Kiser Group recently closed the $3.7-million sale of 3432-40 W. Franklin Blvd. The 46-unit multifamily property is located on Chicago’s West Side in the South Humboldt Park neighborhood.
Advisors Jack Petrando, Danny Logarakis and Rick Ofman brokered the fully renovated property and represented both the buyer, RMRE Holdings, LLC and seller.
“We saw a lot of interest in this property with dozens of tours and a handful of offers,” said Petrandro. “Chicago’s West Side neighborhoods continue to attract investors looking for cash-flowing buildings in appreciating areas.”
The property was built in 1927 and underwent a full renovation in the mid-2000s. It features 23 one-bedroom/one-bathroom units, 22 two-bedroom/one-bathroom units and one three-bedroom/one-bathroom unit.
“As the building was gut-renovated 15 years ago, the buyer intends on completing cosmetic upgrades to some units,” said Ofman. “Their major focus is improving operations, management, and tenant relations as they stabilize the asset.”
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).