CHICAGO—The demand for rental apartments has attracted a number of national investors to the Chicago metro, but not all of these major purchases involve class A properties in high-end areas. Kiser Group, a local mid-market multifamily brokerage firm, recently brokered the sale of Blue Station Apartments, located at 2130 W. 122nd St. in suburban Blue Island, for $18.6 million.
The buyer, an undisclosed national portfolio owner, purchased the 345-unit apartment complex from Kinzie Realty Corp., which assembled it through multiple acquisitions and then branded and managed them as Blue Station Apartments. The deal was brokered by Lee Kiser, Kiser Group's principal and managing broker, and Matt Halper, a broker with Kiser.
“Kinzie took an institutional approach to a non-institutional part of the market making the workforce housing complex a community, complete with a full staff and tenant services,” says Kiser. “This isn't a typical investment strategy for workforce housing, but it has worked well for Kinzie Realty Corp.”
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
