Kiser Group’s Birk | Sklar Team recently closed a transaction worth $8.65 million for three buildings located in the East Woodlawn and Bronzeville neighborhoods of Chicago’s South Side. The team noted an increase in demand and popularity due to the proximity to Hyde Park and development of the Obama Presidential Library.
Sklar commented, “This was an exceptional opportunity to acquire some of the larger buildings in this area as they are extremely rare, with current rents approximately 30% below market rate.” He added that buyers have potential for rental growth while neighborhood appreciation continues rapidly due to new developments such as Bronzeville Lakefront Mega Development ($3.8 billion) and Obama Library.
The sale is indicative of a trend towards high rental growth and appreciation within these areas, providing investors with lucrative opportunities for investment success.
