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SRO Housing Changes Hands in Hyde Park
Kiser Group recently represented the buyer and seller of Park Beach Apartments, located at 5327 S. Cornell Ave. in the Hyde Park neighborhood. The 77-unit Single Room Occupancy (SRO) building sold for $2.2 million. Jimal Gilbert and Lee Kiser were the brokers in the transaction.
“Park Beach Apartments offers the buyer the opportunity to own a stabilized building with seasoned staff in a highly-sought rental location,” said Gilbert. “The buyer will continue operating the property as an SRO, providing needed affordable housing in Hyde Park.
“Because the property addresses affordable housing, the transition between owners required approval from the City of Chicago,” he continued. “We are truly grateful for the speed and transparency with which the city engaged. They went above and beyond helping us complete this transaction.”
Park Beach Apartments includes 27 private bathroom units and 50 semi-private units.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
