Kiser Group, Chicagoland’s leading multifamily brokerage firm, represented both the buyer, Bayshore Properties, and seller, H.A. Langer & Associates, in the sale of Park Ridge Commons in Des Plaines, Illinois. The 752-unit multifamily property sold for $117 million and was brokered by Kiser Group’s Matt Halper, Danny Mantis and Lee Kiser.
“Park Ridge Commons has been an important part of our investment portfolio for the past 25 years. Kiser Group ran a professional marketing campaign for the sale, resulting in both a fair price for the property and the right profile buyer,” said Manager Jeff Swhier. “We wish the new owner success with Park Ridge Commons.”
“We’re honored to have represented Langer in this sale after their 25-year ownership period,” said Principal and Managing Broker Lee Kiser. “We’re also grateful to have represented Bayshore Properties in this acquisition and pleased they will continue providing quality affordable housing to the greater Des Plaines market.”
The garden complex’s 752 residential units are spread across 47 buildings with a mix of one-bedroom/ one-bathroom, two-bedroom/ one-bathroom, and two-bedroom/ two-bathroom units. The property has historically high occupancy and is located close to shopping centers, restaurants, Metra and O’Hare Airport. Residents enjoy amenities such as a clubhouse, lap pool, fitness center, tennis courts, and laundry.
“Park Ridge Commons is an example of naturally occurring affordable housing. The new investors plan to make updates, but it will remain in a similar price point for renters,” said Director Matt Halper. “The previous owners kept it well-maintained with higher-end amenities than competing properties in the same niche.”
“The multifamily market remains one of the strongest sectors in commercial real estate,” says Director Danny Mantis. “We’re proud to have brought Park Ridge Commons to a close and have it be one of the largest investment transactions in Chicagoland this year.”