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Value-Add Multifamily Portfolio Trades in Ravenswood

Kiser Group recently brokered the sale of a 36-unit Ravenswood portfolio for $4.5 million. The firm’s Rick Ofman represented the buyer, LakePointe Apartments, and Lee Kiser and Danny Logarakis represented the undisclosed seller.

The properties are located at 4855 N. Hermitage, 4544 N. Wolcott (pictured) and 4616 N. Wolcott in this North Side neighborhood. All three buildings are 1960s construction and value-add opportunities.

“Between the location and opportunity, I knew this would be a great value-add play for the buyer, whose past developments have been largely in Uptown,” said Ofman. “When these buildings are finished, they will be outstanding to live in.”

Logarakis added, “With nearly 30 showings and nine offers, there was strong investor interest for this portfolio. The price-per-door may seem low for multifamily properties in Ravenswood because these buildings are prime value-add opportunities with all units needing to be updated.”

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Inside The Story

Connect With Kiser Group's Kiser, Ofman and Logarakis

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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