Kiser Group closes on two high-rises for $62.5 million

CHICAGO — The Kiser Group, a division of Encino, Calif.-based Marcus & Millichap, has closed the sale of two high-rise apartment buildings in the Windy City for a total of $62.5 million.

Miami-based Crescent Heights purchased Four Towers for $42 million. Located at 4920-4980 N. Marine, the 570-unit apartment complex will be converted to condominiums. Kiser Group represented the seller, Chicago-based H.A. Langer & Associates.

Polo Builders, based in suburban Chicago, purchased the 22-story, 189-unit Marine Terrrace for $20.5 million. The complex, located at 4180 N. Marine, also will be renovated into condominiums. CMS Inc. hired Kiser to sell the property.