LakePoint Apartments Acquires 36-Unit Ravenswood Portfolio
"The price-per-door may seem low for multifamily properties in Ravenswood because these buildings are prime value-add opportunities with all units needing to be updated,” says Kiser Group's Danny Logarakis.
CHICAGO, IL—LakePointe Apartments has acquired a three-building, 36-unit portfolio in the Ravenswood neighborhood of Chicago for $4.5 million. The properties are located at 4855 N. Hermitage, 4544 N. Wolcott and 4616 N. Wolcott. Kiser Group’s Rick Ofman represented the buyer and Lee Kiser and Danny Logarakis represented the seller, who was not identified.
“Between the location and opportunity, I knew this would be a great value-add play for the buyer, whose past developments have been largely in Uptown,” says Ofman. “When these buildings are finished, they will be outstanding to live in.”
All three buildings are 1960s construction and value-add opportunities. 4855 N. Hermitage has 10 units, 4544 N. Wolcott has 11 units and 4616 N. Wolcott has 15 units.
“With nearly 30 showings and nine offers, there was strong investor interest for this portfolio. The price-per-door may seem low for multifamily properties in Ravenswood because these buildings are prime value-add opportunities with all units needing to be updated,” says Logarakis.