Suburban Workforce Housing Providing Good Cap Rates

Blue Station Apartments, located at 2130 W. 122nd St. in Blue Island, IL, sold for $18.6 million.

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.