Kiser Group has successfully facilitated the sale of Ravenswood Gardens, a unique portfolio consisting of 151 units spread across seven California-style buildings in Chicago’s Uptown neighborhood. The property, located in the Sheridan Park Historic District on the north side of Chicago, was sold for $17.21 million and is now under new ownership.
The transaction was handled by Kiser Group Advisors Katie LeGrand, Lee Kiser, and Jacob Price who expertly navigated through challenging market conditions to close this deal. Originally listed for sale in summer 2023, the property went under contract but did not close due to market volatility. However, with strategic planning from both buyer and seller sides during their exit from Chicago real estate market; they were able to revisit negotiations again in 2024.
What makes this deal stand out is that the buyer assumed responsibility for the existing loan at an incredibly low interest rate below four percent which will remain locked-in for five years. This financing structure allows them to generate strong cash returns right from day one.
Overall it can be said that Kiser Group played a crucial role as facilitators by bringing together all parties involved including buyers who had previously shown interest but were unable proceed at that time due timing issues; however after waiting patiently they finally closed on this successful transaction one year later.
