Kiser Group advisors John George and Joe Bianch successfully brokered the $8.5-million sale of an apartment portfolio in Beverly on Chicago’s Southwest Side. The portfolio included five buildings situated within a two-block radius, totaling 85 units.
The Rubino Family had owned the properties for almost 25+ years before deciding to sell them to Beverly Holdings, LLC; however, since each property was owned by a different family member, the escrow process was longer and more complicated than usual.
George noted that “the properties have great value-add potential through renovations and strategic management which made them extremely appealing to the buyer.” He also mentioned their proximity to public transportation as well as their excellent location were attractive characteristics that contributed towards buyers eagerly bidding high prices in order secure these properties due to limited availability in this highly competitive real estate market of Beverly .
Photo credit: Burnhamandroot/Wikipedia
