Kiser Group Brokers $5.75 Million Sale of Hyde Park Apartment Building for Norm Levin Trust

Kiser Group has brokered the $5.75 million sale of a 43-unit apartment building at 5123–31 South University Avenue in Chicago's Hyde Park neighborhood, with the Norm Levin Trust selling the property to Florin Pavel. The transaction closed July 16, 2026, and was structured as part of the buyer's 1031 exchange.

Property and Transaction Details

The building comprises 43 apartments — seven two-bedroom, one-bath units; 30 one-bedroom, one-bath units; and six studio apartments. At the time of sale, the property was 97.7% occupied, a figure that sits above the threshold many investors consider stabilized in strong urban markets. At the reported sale price, the transaction implies a per-unit value of approximately $133,721. No square footage was disclosed in available materials, so a price-per-square-foot figure cannot be calculated.

Lee Kiser, Principal and Designated Managing Broker at Kiser Group, facilitated the transaction. The building features spacious unit layouts with vintage architectural elements and is situated a few blocks from the University of Chicago and the 53rd Street retail corridor.

A Generational Holding Changes Hands

The Norm Levin Trust had owned the property since 1962 — more than six decades — with many residents having lived at the building for two to three decades. The building's long history of stable occupancy and consistent tenant demand made it an attractive offering. Florin Pavel acquired the asset through a 1031 exchange as part of an investment strategy focused on value-add opportunities in established submarkets. The buyer's plan centers on renovating and repositioning the property to better serve student housing demand, given its proximity to the University of Chicago.

Hyde Park Multifamily Demand Remains Firm

The Hyde Park submarket benefits from the institutional anchor of the University of Chicago, which supports consistent rental demand. The neighborhood's established amenities and the 53rd Street retail corridor further underpin the area's appeal to both residents and investors. Occupancy and rent levels across Chicago multifamily categories exceed pre-pandemic levels, a backdrop that continues to attract private capital to well-located vintage assets with renovation upside.

The Hyde Park transaction reflects a broader pattern in Chicago multifamily investment: nearly fully occupied, long-held buildings near major universities are drawing buyer interest from investors willing to underwrite renovation programs in exchange for anticipated rent growth. The 97.7% occupancy rate at the time of sale reduced near-term leasing risk for the incoming owner while preserving the upside potential that a value-add strategy requires.

Market Context

Demand for multifamily investment in Hyde Park remains strong, driven by the University of Chicago's presence and the neighborhood's established fundamentals. Well-located properties with value-add potential continue to attract buyer interest as investors seek assets with durable long-term rental income and room for improvement through capital investment.

Sources

• Kiser Group – Kiser Group Brokers $5.75 Million Sale of 43-Unit Hyde Park Apartment Building