11.30.20
Kiser Group Advises on $3.5 Million Sale of Condominium Deconversion Project in Chicago’s Rogers Park Neighborhood
CHICAGO, IL – Kiser Group, Chicago’s leading multifamily brokerage firm, advised The 1319 West Sherwin Condominium Association through a Section 15 deconversion sale. Located at 1319-27 W. Sherwin, the 28-unit Rogers Park building sold for $3,500,000. Advisors Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman represented the buyer, a private investor, and association.
“We are happy to have led the association through a successful deconversion,” said Friedman. “This association had different brokers trying to sell the building off-market for three years. With an exclusive listing agreement and proper marketing, we were able to put this deal under contract in three weeks. This was accomplished in spite of a marketing launch during the stay-at-home order, and once again validates our process for successful deconversion sales.”
“Like many condo deconversions, this building had a bulk owner,” said Parker. “We negotiated an offer that worked for everyone, which translated to overwhelming association support for the sale.”
“Chicago’s north side apartment market continues to see steady investor interest,” said Ofman. “Rents in East Rogers Park for condo-quality finishes have dramatically increased recently. The buyer plans to capitalize on this by updating the vintage finishes in units.”
“1319 W. Sherwin sold for just shy of list price. It went under contract three weeks after we began marketing,” said Logarakis. “Though we were limited in our ability to physically tour the building, we showed the building virtually to multiple investors and quickly found our buyer.
The 28-unit, 3-story building was initially built in 1962 as apartments. In 2008, Kiser Group brokered the sale of the building to the developer that converted the units to condominiums. The building features 16 one-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom units.
