06.08.18
Multi-Housing News: WDP Management Buys Chicago Condo Community, Plans Conversion
After recently closing on the $18.6 million sale of 345-unit Blue Station Apartments, Kiser Group has facilitated the transaction of a 29-unit condo community in Chicago’s South Shore neighborhood. WDP Management purchased the property for $950,000 and is planning on converting the asset into apartments to lower operating expenses. Kiser Group’s Senior Director Noah Birk and Director Aaron Sklar brokered the deal.
Located at 7000-7006 S. Dorchester Ave., the asset is comprised of 26 two- and three one-bedroom units. Downtown Chicago is within a 20-minute drive of the property.
“Condo-deconversions are rare to see in the South Side of Chicago. The condo owners were motivated to sell because of high taxes and high HOA fees,” Birk said in a prepared statement.
