Prolific Chicago investor Stuart Handler is looking to offload five multifamily properties on Chicago’s North and South Sides.
The listings are the latest in a string of big moves by the well-known real estate player, who is the namesake behind the University of Illinois at Chicago’s Handler Department of Real Estate.
The studio and one-bedroom properties are located at 5326 South Cornell Avenue, 5417-25 South Harper Avenue, 5210-14 South Woodlawn Avenue in Hyde Park and 661 West Sheridan Road and 434 West Wellington Avenue in Lakeview.
The properties are listed with the Kiser Group, and the asking price wasn’t disclosed.
The Hyde Park properties total 207 studio and one bedroom units and 127,000 square feet. Rents range from about $1,100 to $1,200 for the studios and about $1,400 for the one-bedroom units. The three buildings bring in about $1.7 million in net operating income, according to the listing.
The Lakeview assets total 134 units. Rents for studios range from about $1,000 to $1,200 per month and for the one bedroom units range from $1,300 to $1,500.
“Stuart is one of the most respected owners in Chicago. He has assembled some of the largest and best located assets in the city over the past four decades,” said Kiser Group broker Noah Birk.
Last month, Handler’s firm, TLC Management, sold a 136-unit apartment building on the South Side, at 4817 South Drexel Boulevard. Jeremy Bronfman’s Lincoln Avenue Communities snagged the property for $31 million or about $227,000 per unit.
But he hasn’t been solely offloading properties. Handler bought a 192-unit property last month in the northwest suburb of Mount Prospect for $60 million or about $312,000 per unit. Local developer Wingspan Development Group was the seller.
Handler’s moves come at a time when the multifamily market is facing challenges and opportunities.
The Chicago area has been experiencing record levels of rent growth, but an unpredictable property tax environment in Cook County has been stifling outside investment.
As a result, demand has surged in the city’s outer suburbs, while Cook County listings have been more hot and cold.
The most successful listings in the city have been among buzzy neighborhoods with strong population growth and midsize properties with opportunities for value-add renovations.
The Hyde Park portfolio is hitting the market at a good time for the neighborhood, Birk said.
“Hyde Park is the epitome of a low supply, high demand market. There are always buyers reaching out from around the world trying to get a foot in the door near the University of Chicago,” he said. “It’s rare to have any inventory to offer them, let alone 200-plus units at once.”