05.25.21
KSN Closes on a $32.3M Deconversion Sale of a 115-unit Lakeview Condominium Association (Illinois)
Located in Chicago’s Lakeview neighborhood, Barry Quadrangle Condominium Association was sold on April 13, 2021 and will be converted into apartments. Purchased for $32.3 million, this transaction encompasses three condominium buildings. KSN handled the closing of this 115 residential unit condominium association deal during a peak real estate boom and coronavirus pandemic.
The sale of all units, commonly known as a deconversion, was approved by a vote of the unit owners under Section 15 of the Illinois Condominium Property Act. Approval of this transaction required approval of 75% of the ownership.
KSN attorney Ryan Shpritz: “The Barry Quad deconversion lasted 18 months and survived a challenging COVID-19 environment. The team of brokers at Kiser Group, strong Board members, and committed Owners worked together to get the deal closed. It cannot be understated how many unique issues arise during the deconversion process.”
KSN attorney Omar Malik: “Three buildings consisting of distinct concerns. Hundreds of individual sellers. Financing interruptions. The coronavirus pandemic. They all added further complications to this complex real estate bulk transaction. Nevertheless, our firm is distinctively set up to handle these complex deconversion negotiations and ensure that Associations can complete the closing.”
KSN’s full-service Condo Deconversion department is dedicated to navigating the entire Section 15 sales process including legal guidance and administrative support.
As of April 2021, KSN attorneys have closed over sixty condominium deconversions, including:
- 663 W. Grace Street Condominium Association – a Chicago, IL condominium association located in the Lakeview neighborhood with 80 units, closed in April 2021
- Deerfield Gardens Condominium Association – a Lake County, IL condominium association with 36 units, closed in July 2020
- River City – a downtown high rise-condominium association with 449 units, closed in December 2018
- Flats on LaSalle – a downtown condominium association with 250 units, closed in December 2018
- Surfside Condominium Association – a high-rise association located on N. Sheridan with 188 units, closed in December 2018
- Century Tower – a downtown high-rise condominium association located in The Loop with 296 units, closed in February 2018
- 625 Wrightwood – a Lincoln Park condominium association with 98 units (residential and parking), closed in January 2017
- Clifton Village – a Northside Chicago condominium association with 38 residential units, closed in August 2017
- Loyolton – a Northside Chicago condominium association with 42 residential units, closed in December 2017
- 2625 N. Clark Street – a Northside Chicago condominium association with 272 units (residential and parking), closed in November 2016
