September 23, 2024, Chicago, IL – Chicago-based KMA Companies (KMA) and Property Management, an award-winning vertically integrated multifamily investment firm, is thrilled to announce the new addition to their multi-family managed portfolio “The Topaz,” formerly known as Low Line Commons. The acquisition was made by Whitewater Management Holdings LLC, KMA’s affiliated investment fund. This 53-unit property, located at 3421 N. Ashland Avenue in the vibrant Lakeview neighborhood, was purchased for $17.150 million.
Built in 2023, The Topaz features a variety of spacious apartments, including studios, one-bedroom, and two-bedroom units, with floor plans averaging 750 square feet. The property boasts a range of in-unit amenities such as hardwood floors and granite countertops. Residents will also enjoy access to a modern fitness center, laundry facilities, bike storage, and convenient outdoor street and dedicated rental parking. The sale of 3421 N. Ashland Ave. was brokered by Nate Gautsche and Sean Mason of Chicago Real Estate Resources (CRER). Debt was provided by Kyle Kalkofen and Melissa Ambrose at JP Morgan Chase. The seller was Wildwood Investments LLC.
The beautifully designed rooftop includes a fire pit and BBQ stations, providing a perfect gathering spot to watch favorite sports games while enjoying panoramic views of the iconic Chicago skyline. The Topaz is strategically situated near multiple public transportation stops, Wrigley Field, the Southport Corridor, grocery stores, parks, and both public and private schools—key attractions for young professionals and families alike. Its prime location offers a short commute to universities, top employers, cultural amenities, parks, and O’Hare Airport.
Devin Rowland, Principal of Whitewater Management Holdings LLC, stated, “We are pleased to announce our latest acquisition in one of the highest barriers to entry neighborhoods in Chicago. Our team is committed to investing in and applying our unique expertise to help meet the massive gap and need for high-quality mixed income properties. The properties’ unique ability to cater to a broad range of incomes attracted us to this opportunity. By acquiring and partnering with others, we aim to successfully manage rental units on behalf of multi-family property owners and investors. Our goal is to deliver more units to allow for the local work force to live in the communities they work in while delivering private sector returns so it can be scaled.”
10% of units designated as affordable at 60% AMI under Chicago’s Affordable Requirement Ordinance (ARO).
For more information about this acquisition or to explore opportunities for hiring KMA Property Management or investing in future multi-family properties, please contact Devin Rowland, President, CCIM atDrowland@kmapm.com. www.KMAPM.com
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