Kiser Group, Chicagoland’s leading multifamily brokerage firm, announced the sale of 2341 Algonquin Road, a 16-unit multifamily building in Rolling Meadows, Illinois. The property sold for $1,225,000. Kiser Group Directors Matt Halper and Danny Mantis represented both the buyer, GMA North 1 LLC, and an unnamed seller in the transaction.
“Chicago’s northwest suburbs are seeing strong investor interest and pricing,” said Kiser Group Director Matt Halper. “The property presented potential buyers with several options for value-add opportunities from upgrading units to appealing taxes.”
Built in 1973, 2341 Algonquin Road encompasses a 17,265 square-foot lot with 16-unit apartment units and 32 parking spaces. All of the building’s apartments are one-bedroom units. Three of the units have also been updated with new kitchens and baths, while the remaining units are an older vintage.
“With 13 of the 16 units still in vintage condition at this building, there is good value-add potential for the new owners,” said Kiser Group Director Danny Mantis. “As a northwest suburb of Chicago, Rolling Meadows offers a lot of great amenities for those looking for something other than urban, city living, so the return on any improvements to the units will reap benefits for a long time into the future.”
Kiser Group Directors Halper and Mantis have a strong track record in Chicago’s northern suburbs.