CHICAGO, IL - Kiser Group is excited to announce the successful sale of Ravenswood Gardens, a distinctive portfolio sale consisting of 151 units across seven California-style buildings located in the Sheridan Park Historic District in the Uptown neighborhood on Chicago’s north side. The property was sold for $17,210,000 and is being repositioned by the new owner.
This transaction was brokered by Kiser Group Advisors Katie LeGrand, Lee Kiser, and Jacob Price, who navigated complexities amidst challenging market conditions.
Initially marketed in the summer of 2023, the property went under contract but did not close due to market volatility. The seller, continuing their strategic exit from Chicago, revisited the sale in 2024. The buyer, who had previously expressed interest but was unable to proceed, found the timing right one year later and successfully completed the transaction.
A notable component of this deal was the buyer’s assumption of the seller’s existing loan, a sub-4% interest rate locked in for the next five years. This financing structure enables the buyer to achieve strong cash returns from the outset. The buyer, who now owns over 400 units in Uptown, has chosen to rename the property Sheridan Park, reinforcing its growing brand in the Market.
This sale also underscores a growing trend in Chicago's real estate market, with 30% of the 2024 closings by Jacob Price and Katie LeGrand involving assumable financing—a factor that is ncreasingly appealing to buyers in the current economic climate.