Kiser Group, Chicagoland’s leading multifamily brokerage firm, announced its closing on a 40-unit multifamily property in Chicago’s Andersonville neighborhood today. 5301 N. Ashland Ave. went under contract in four days at its full asking price of $5 million. Kiser Group Advisors Andy Friedman and Jake Parker represented both the buyer, a local investor, and seller, an unnamed family trust, in the transaction.
“The building is in an excellent location, just steps from Starbucks and the neighborhood’s main thoroughfare, Clark Street. Locally owned bars and restaurants as well as boutique stores are all a short walk away, ” said Friedman. “As northside brokers, we continue to see growing interest in Andersonville properties as the area’s multifamily market continues to see upward movement.”
5301 N. Ashland is a 40-unit corridor building made up of 26 studio apartments and 14 one-bedroom/one-bathroom units, most of which are in vintage condition.
“With in-unit finishes dating back to the 1990s, the new owners saw great value-add potential at this property,” said Kiser Group Advisor Jake Parker. “Given the location of the building, there’s significant room to recognize additional rent potential with renovations that meet the tastes and preferences of today’s tenants.”
Kiser Group Advisors Friedman and Parker have a strong track record in transitions on Chicago’s Near North Side. Both Friedman and Parker focus on multifamily, mixed-use and condominium deconversion deals in the area.