Kiser Group directors Andy Friedman and Jake Parker brokered a condominium deconversion sale at 3825 N Pine Grove, located in the Lakeview neighborhood of Chicago. The 3825 N Pine Grove Condominium Association received $18,300,000 in this transaction.
“Multifamily properties of size rarely trade in Lakeview,” said Friedman. “This is only the third building of 90 or more units that has traded in Lakeview in the last 5 years, and all three were deconversion sales. One of the other two sales was The Barry Quad, a 115-unit condominium complex, that we closed in 2021. This demonstrates one of the values of condo deconversion sales—creating multifamily inventory for sale in highly desirable sub-markets”
“3825 N Pine Grove has 94 units and 54 parking spaces,” said Parker. “The building is of 4+1 construction, which typically consists of small studios and one-bedroom units. This particular 4+1 has a low studio count, two-bedroom, two-bathroom units, and unit sizing that is larger than normal. 90 percent of the units were investor-owned rental units’ 10 percent were owner-occupied. As a result, individual unit sales were depressed, and this deconversion sale provided an excellent exit for owners at pricing 50% higher than market value.”
”The condominium deconversion market remains very strong,” said Friedman. “The amount of buildings that were converted from apartments to condos in Chicago before 2008 provides a steady stream of deals. We expect to have several additional deconversion offerings in 2023”
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