CHICAGO – RANY Management has hired Kiser Group to sell 87 condominium units and 19 parking spaces at Polo Tower. The condos and deeded parking spaces were listed earlier this month at $10.25 million.
The 16-story mid-rise building at 4180 N. Marine Dr.consists of 189 units and is situated on the lakefront in Chicago’s Buena Park neighborhood. “This is a great opportunity for an investor looking for a strong opportunity in a great location,” Matt Jones, managing director of Kiser Group, says in a press relase. “The location of the asset is most certainly its best feature.”
Occupancy rates at multifamily properties in the area remain high, according to Jones , who says the 87 units and 19 parking spaces are currently 100% leased.
“The current positive environment for rental along with the potential upside in this asset make it a very attractive investor buy,” Jones says. “The opportunity is in improving the current cash flow by pushing rents to demonstrable market levels, with the flexibility to sell individual units as the condo market warrants doing so.”
Recent improvements include facade work, an electronic key system, and more than $100,000 in common area painting and carpeting.