• CRAINS: North Side landlords put 329 apartments up for sale

    By: Alby Gallun, Crain's

     

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    Two Chicago landlords have put seven North Side apartment buildings up for sale, allowing a big investor to take down a large multifamily portfolio in one fell swoop.

    B&R Developers has hired Chicago brokerage Kiser Group to sell three vintage courtyard buildings with 109 units in Edgewater. Kiser also is seeking buyers for a four-building, 220-unit portfolio in Rogers Park owned by Ansonia Properties.

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    Investors continue to pay up for apartments throughout the city. The North Side is no exception, but it has historically been the domain of smaller local investors interested in owning the small and midsize vintage buildings that dominate places like Lakeview, Edgewater and Rogers Park.

    More recently, larger firms with access to institutional capital have taken an interest in Chicago neighborhoods, attracted by their relatively strong returns. The number of bigger investors prowling the North Side for deals "has grown dramatically over the past two to three years," said Kiser principal and Managing Broker Lee Kiser.

    Yet it can take several small-to-midsize acquisitions to accumulate a big portfolio, a time-consuming and costly process. Because big investors like larger deals, Kiser is marketing the B&R and Ansonia properties simultaneously, he said.

    "When you create economies of scale, you can also increase the buyer pool," Kiser said.

    Kiser is selling buildings for B&R at 6100 N. Winthrop Ave., 6101 N. Winthrop and 6110 N. Winthrop. The four Ansonia buildings are at 1412 W. Chase Ave., 6945 N. Ashland Ave., 1257 W. Lunt Ave. and 1310 W. Lunt Ave.

    Keyword : chicago , real estate , kiser group , Multifamily , north chicago , edgewater , rogers park , crain's , brokerage , commercial real estate