Kiser Group advised on the $32.3 million sale of The Barry Quad, a three-building, 115-unit condominium deconversion in the North Side’s Lakeview neighborhood. Andrew Friedman and Jake Parker represented both the seller, Barry Quadrangle Condominium Association, and buyer, North Park Ventures.
“Barry Quad had been attempting to sell in a deconversion since 2016, through both on-market listings and off-market efforts,” said Parker. “This particular sale was one week from closing contingencies in March of 2020, when financing was lost due to the pandemic. Sheer determination from North Park Ventures and continual communication with the entire association allowed the deal to stay alive and ultimately close.”
Freidman added, “Condominium deconversion sales are alive and well in Chicago. While the type, size, and locations of buildings deconverting will differ from year to year, there still remains a meaningful value proposition for both unit owners and buyers.”