REBusinessOnline

Kiser Group Negotiates $3M Condo Bulk Sale in Uptown Chicago

CHICAGO — Kiser Group has negotiated the sale of 29 condominium units within a 37-unit multifamily property in Chicago’s Uptown neighborhood for $3 million. The asset is located at 850 W. Margate Terrace. The 29 units in the transaction include 10 studios, three junior one-bedroom units, 13 one-bedroom units and three two-bedroom units. Andy Friedman and Jake Parker of Kiser represented both the buyer, Lakepoint Properties, and the seller, an unnamed family trust. According to Kiser, a full-building deconversion will likely occur at a later date since the buyer will own 75 percent of the units. Under the Condominium Property Act in Illinois, a condo building can be sold if 75 percent of ownership is in agreement.

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