Kiser Group, Chicago’s leading multifamily brokerage firm, advised on the sale of Vinan Apartments in Melrose Park, Ill. Located at 2901 Vinan Drive, the 64-unit multifamily asset sold for $4.15 million. Director Matt Halper and Advisor Danny Mantis represented both the buyer and seller.
“We began marketing this deal in the late fall of 2019 and it quickly went under contract in December after multiple offers were submitted,” said Mantis. “From there, this deal had no shortage of obstacles, including but not limited to the pandemic. We are very proud to have kept this deal together and ultimately bring this deal to a close. At 97.6% of list price, we are thrilled to achieve this price for the seller.”
Despite the wait, the deal came with the added benefits of stable cash flows established by the seller.
“Vinan Apartments sold with full occupancy and collections, giving the buyer an opportunity to further improve cash flow through management efficiency,” said Halper. “With this, the buyer plans to increase rents and control expenses.”
Vinan Apartments includes a total of eight buildings with identical layouts. The asset includes 48 two-bedroom units and 16 one-bedroom units. Located on Grand Avenue between Wolf Road and Mannheim Avenue in Melrose Park, the asset is approximately one mile east of I-294 and five miles south of O’Hare International Airport.