KMA Companies and Property Management, based in Chicago, has expanded its multifamily portfolio with the purchase of The Topaz (formerly known as Low Line Commons). This 53-unit property is located at 3421 N. Ashland Avenue in Lakeview, a highly sought-after neighborhood in the city. The acquisition was made for $17.150 million by Whitewater Management Holdings LLC, an investment fund affiliated with KMA.
The sale was facilitated by Nate Gautsche and Sean Mason of Chicago Real Estate Resources while Kyle Kalkofen and Melissa Ambrose from JP Morgan Chase provided debt for the transaction. Wildwood Investments LLC served as the seller. Additionally, under Chicago’s Affordable Requirement Ordinance, 10% of units are designated as affordable at 60% AMI.
Built in 2023, The Topaz offers a range of apartment options including studios, one-bedroom units,and two-bedroom units averaging around750 square feet each.“We are excited to announce our latest acquisition in one of Chicago’s most desirable neighborhoods,” stated Devin Rowland,P rincipal at Whitewater Management Holdings LLC.
