
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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition