Kiser Group, Chicago’s leading multifamily brokerage firm, advised the Estes Villa Condominium Association through a Section 15 deconversion sale. The 16-unit building at 2641 W Estes Ave. in the West Ridge neighborhood sold for $2.26 million. Advisors Andy Friedman and Danny Logarakis represented the Estes Villa Condominium Association in the sale as well as the buyer, Block and Key, LLC.
“We are pleased to have led another successful deconversion,” said Friedman. “Estes Villa went through a prior sale attempt that failed, and the association was jaded from the experience. Our hands-on approach with all unit owners resulted in a near-unanimous acceptance of the contract and a seamless process from start to finish.”
“Chicago’s West Ridge neighborhood continues to see an increase in investor interest despite the challenging year we were just faced with,” said Logarakis. “At $141,250 a unit, this is a high price-per-unit for the product type and provides an investor the opportunity to increase rents on units that are below market through improved management and light renovations.”
Built in 1930, 2641-43 W. Estes Ave Estes Villa Condominium features 13 two-bedroom units, three one-bedroom garden units, and six garage parking spots. The building is located blocks away from two neighborhood parks, Indian Boundary and Rogers Park.