Kiser Group partners Aaron Sklar and Noah Birk and director Jack Petrando recently closed the sale of Homan Properties, comprising a total of 35 units across two properties on South Homan in Chicago’s East Garfield Park. The properties sold for $2 million to an out-of-state buyer.
The property at 351 S Homan comprises a mix of two-, three-, and four-bedroom units, whilet 10-18 S Homan comprises 14 two-bedroom and 3 three-bedroom units.
“Larger units with two-, three-, and four bedrooms are achieving record high rental amounts in the neighborhood,” said Petrando. “We’ve seen as high as $1,500 for a four-bedroom unit, and over $1,200 for two bedrooms.”
He continued, “The buyer was looking for properties in this neighborhood specifically, as it’s been improving year over year. Now, they have the opportunity to fill in vacancies with their own tenants and increase rents by over 25% of what’s currently being achieved.”