Kiser Group, Chicago’s leading multifamily brokerage firm, represented both the buyer, TLC Management and seller, Greenstone Property Group, in a $43 million, 188-unit off-market deal. Kiser Group’s Principal and Managing Broker Lee Kiser represented both parties in the transaction.
5815 N. Sheridan last sold in 2018 for $27.2 million. Greenstone Property Group purchased the multifamily asset and began an extensive value-add program.
“In 2018, I reached out to Greenstone Property Group after they acquired the property and told them it was a great purchase on a price per unit basis,” said Kiser. “Since then, they completed significant capital expenditures including renovating 70 percent of the apartments, replacing the passenger elevators, and installing new boilers.”
The building was a condominium when previously on the market and Greenstone’s purchase resulted in a deconversion of the building. The building consists of mostly one-bedroom apartments, ranging from 515 square feet to 780 square feet. The most unique feature of the property is its location. The building is one of the only high-rise rentals in the City of Chicago that fronts Lake Michigan.
“While there have been extensive renovations completed, there is still so much value to add and potential with this building. We will continue updating units and add even more amenities and services for residents,” said Stuart Handler, CEO at TLC Management. “This is the only apartment building of scale that I am aware of with a private beach on Lake Michigan—which is the most incredible amenity.”
“This is a true win-win scenario for a seller who made a great buy, began capital improvements, and was able to achieve a significant profit in a short span and for a buyer who sees the path to create a unique rental property by completing the renovation, adding amenities commensurate with the location, and branding the building for its location and private beach,” said Kiser.