The apartment community in Chicago’s Rogers Park neighborhood marks Eastham Capital’s eighth partnership with local operating partner Bender Companies

Eastham Capital, a private equity real estate firm dedicated to providing superior, risk-adjusted returns to investors through the transformation of undervalued multifamily real estate, has partnered with Bender Companies, a Chicago based multifamily owner-operator in the acquisition of Brix on Morse, a 110-unit apartment community in Chicago, Illinois.

South Florida-based Eastham Capital has invested in the deal through its current fund, Eastham Capital Fund VI, LP. Bender Companies, who has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management. The property was sold by Kiser Group brokers Andy Friedman, Jake Parker, and Danny Logarakis.

Brix on Morse was 97% occupied at the time of acquisition with average rents of just over $1,350/month. The acquisition includes a renovation budget of $1.2 million for exterior upgrades to landscaping, painting, and parking lots, as well as light interior refresh.

“Bender has been an incredible affiliate to work with, and we are thrilled to be partnering again to further our reach into the thriving Midwest marketplace,” said Matthew Rosenthal, founder and managing partner of Eastham Capital. “Centrally located between multiple elite universities and 10 miles from downtown Chicago, this property’s prime location, modern amenities, and local neighborhood nightlife make it an investment to be excited about.”

“This asset offered us a great opportunity to assume the property’s existing debt at a favorable 2.67% interest rate with six years remaining on the term,” said Kurt Bender, Founder and Principal of Bender Companies. “We plan to make light unit upgrades and electrical improvements to enhance the property. This marks our first investment in the city of Chicago, and our eighth acquisition in partnership with Eastham Capital. We are excited to continue our expansion in the greater Chicagoland area.”

Constructed in 1969, Brix on Morse features 110 residential units, a mix of 48 studios, 42 one-bedroom, and 20 two-bedroom apartments, ranging from 663 to 993 sq ft. The development’s previous owners have kept up with necessary updates to the property including replacing all roofs, updating all elevators and electrical service, installing new boilers, and renovating the lobby and several apartment units. Brix also offers modern amenities, including a fitness center, bike storage, and a fire pit with BBQ stations.

For more information on Eastham Capital’s unique investment approach and 155+ property portfolio, visit www.easthamcapital.com. 

Kiser Group’s Birk | Sklar team announces a record breaking first quarter in 2022 with 22 apartment buildings sold across the South and West sides of Chicago. Led by Kiser Group Partners Noah Birk and Aaron Sklar, the team’s final total for closed and under contract properties in Q1 comes to $60M.

“Chicago is a world-class city. But we have a multifamily market that looks like it’s having a clearance sale compared to the rest of the country.” Kiser Group Partner Noah Birk said. “The cash-flow and appreciation potential are unmatched compared to what investors can achieve on the coasts and in the south east.”

With an impressive first quarter already in the books, the Birk | Sklar team isn’t slowing down. The team is already looking toward an impressive Q2 with a pipeline of 24 buildings currently under contract along with 20 new listings. The partners attribute this continued success to the overall hard work of its team of advisors. 

“We’re aggressively expanding our South Side footprint while increasing our exposure in the West Side as well,” Kiser Group Director Aaron Sklar said. “In just two short years, Jack Petrando has built an impressive reputation for himself and has a pipeline of deals to prove it.”

Notable properties that closed during Q1 include: 

• 7600 South Shore Drive in South Shore, $2.6M

• 11214 S. Indiana in Pullam, $1.375M

• A portfolio in Chatham, including 7655 S. Drexel, $1.275M

Kiser Group’s Birk | Sklar team includes Birk, Sklar, Petrando, Justin Turner and Abhi Patel.  

Kiser Group, Chicagoland’s leading multifamily brokerage firm, announces the exclusive listing of Harvard House Condominiums, a 94-unit property in the East Lakeview neighborhood of Chicago. Listed for $19,000,000, the property is located at 3825 N. Pine Grove Avenue. Director Andy Friedman and Advisor Jake Parker are representing the association in this Section 15 deconversion sale. 

“Harvard House is a perfect example of the benefits of a deconversion sale,” Kiser Group Andy Friedman said. “With a large bulk owner and 90% of the units at the property used as rentals, resale values of individual units are quite depressed. This sale will allow owners to exit their investment at prices far exceeding current condominium values. For investors, 3825 N. Pine Grove presents a value-add opportunity of size, an infrequent opportunity in the neighborhood.” 

Built in 1969 and converted to condominiums in 1991, Harvard House has an atypical unit mix for a 4+1 construction building, consisting of (24) studios, (54) one-bedroom units, (8) two-bedroom/one-and-a-half bath units and (8) two-bedroom/two-bath units. The property also has 52 parking spots which provide an excellent revenue source in a high-density neighborhood.

“With a high walkability score and close proximity to Lakefront, public transportation and the Northalsted area, this property is poised for a significant return on investment,” Kiser Group Director Jake Parker said. “The buyer will have the opportunity to capitalize on demonstrable rent gains through property renovations.”

For more information on the Harvard House Condominiums deconversion, click this link.  

Kiser Group, Chicagoland’s leading multifamily brokerage firm, recently brokered the $4.915M sale of a 23-unit property at 924 W. Newport Avenue in Chicago’s Lakeview neighborhood. Director Andy Friedman and Advisor Jake Parker represented both the buyer and seller in this off-market 1031 exchange.

“Lakeview is a tried-and-true core multifamily submarket. It’s a desirable and stable neighborhood that continues to grow,” Kiser Group Director Jake Parker said. “In addition to its incredible location – close to transportation, restaurants and retail options – this property aligned well with our buyer’s portfolio goals and 1031 exchange needs.”

924 W. Newport Avenue was renovated in 2017 and offered the buyer a turn-key investment opportunity in the desirable Lakeview neighborhood.  All 23 units – a mix of studios, one-bedroom and two-bedroom units – have in-unit laundry and modern finishes. The neighborhood offers residents great walkability and access to public transportation.

“We handle a variety of transactions on the North Side of Chicago,” Kiser Group Director Andy Friedman said.  “We’ve closed everything from a five unit building in Lincoln Park to a 115 unit condominium deconversion in Lakeview, and many buildings in between.  For this particular sale, we set a record for per-unit pricing on a corridor-style building at almost $214k per door.”

For properties available on the North Side of Chicago, visit KiserGroup.com.

Investors seeking to make the most of their next purchase should not overlook Chicago’s westside Austin neighborhood, according to Kiser Group Advisor Jack Petrando. As Chicagoland’s leading multifamily brokerage firm, Kiser Group assists multifamily buyers and sellers across the city, and Petrando’s hard work is paying off in the up-and-coming neighborhood.

“We continue to see a high volume of activity in Austin,” Kiser Group Advisor Jack Petrando said. “Rental prices are increasing in the neighborhood, and with more rental demand and appreciating building values, now is the time to invest in the neighborhood.”

With nearly a dozen listings in Austin, Petrando has a deep knowledge of the neighborhood and surrounding areas. With experience in multifamily and affordable housing, he’s helping leverage the growing market for investors and sellers alike. Recently, he closed two deals, at 5000 W. Monroe and 5916 W. Fulton, which sold for $68,000 per unit and $65,000 per unit, respectively. Petrando also has three properties currently under contract and on pace to close for more than $85,000 per unit:

●      5301 W. Washington - under contract for $102,000 per unit

●      347 S. Central - under contract for $87,000 per unit

●      7 W. Division (located on the corner of Austin Blvd and Division) - under contract for $90,000 per unit

“Our recent transactions show the benefits of investing now. With recent prices per unit consistently at or above $70,000, Austin is an area primed for incredible growth in the coming years. I think we’ll see lots of activity here this summer,” said Petrando.

For investors serious about purchasing in Austin, Petrando currently has three listing still on the market:

●      118-124 N. Menard, a 20-unit property listed at $2.05M

●      10 S. Mason and 312 N. Central, a combined 110 units listed for $6.25M

●      A 21-unit, off-market property listed at $69,000 per unit

For more information on Petrando’s available properties, visit KiserGroup.com.

Kiser Group, Chicagoland’s leading multifamily brokerage firm, presents the sale of The Mabel Exchange. Located at 5920 N. Ridge Avenue, The Mabel Exchange is a mixed-use property in Edgewater’s Andersonville neighborhood, recently ranked the second-coolest neighborhood in the USA by Time Out Magazine. Kiser Group’s Director Andy Friedman, Advisor Jake Parker and Principal & Managing Broker Lee Kiser are marketing the property subject to offer.

“Chicago’s Northside continues to attract the attention of investors, and Andersonville will only continue to increase in desirability for both residents and property owners alike,” said Friedman. “With the commercial space fully leased and residential rents trending upward in the building, we anticipate the market will possibly reach $18,000,000 for The Mabel Exchange.”

The Mabel Exchange features 52 renovated apartments with quartz countertops, stainless steel appliances and in-unit laundry. In addition, the property includes 20,452 square feet of fully-occupied commercial space and 33 garage parking spaces. Renovation on the property was completed in 2021 before lease-up began. Residents at The Mabel Exchange enjoy incredible proximity to some of Chicago’s best restaurants, bars, galleries and shops; the building is one block north of Andersonville and two blocks from the new METRA station being built at Peterson Avenue and Ravenswod Avenue.

“The new METRA station now under construction at Peterson and Ravenswood is two blocks from The Mabel Exchange,” said Parker. “Once completed, rents will increase in this section of Edgewater as more people want close proximity to a 20-minute train ride to Ogilvey. The new owner will enjoy an increasing return on this investment.”

Built in 1915, the property originally housed the headquarters of cosmetics company Maybelline, which was named after the founder’s sister Mabel. The building’s current name – The Mabel Exchange – pays homage to the property’s history and legacy. 

“We’re excited to see the work completed on this Edgewater icon,” said Kiser. “The renovations, fully-leased commercial space and longstanding history combined with the Andersonville/METRA location make The Mabel Exchange a sound investment.”