Kiser Group’s Director Andy Friedman and Advisor Jake Parker closed on a $4.925 million Lakeview deconversion property on Tuesday, June 22nd, 2022. The property at 815-817 W Addison is situated in a highly desirable, low velocity neighborhood, and is only a short walk to Wrigley Field and the Lakefront.
“The section 15 deconversion sale was appealing to the condominium association because the building was nearly all rental units and they received a premium to individual unit prices,” said Director Andy Friedman.
Kiser Group Advisor Jake Parker believes that the unit mix is what made the property so appealing to the buyer. “The property consists of eight two-bed two-bath units and eight two-bed one-bath units. Each unit was modernized and gut renovated in the mid-2000s when the property was converted from apartments to condominiums,” Parker said. Each unit includes individual HVACs and hot water tanks, as well as in-unit laundry.
Chicago’s Lakeview neighborhood continues to be attractive to buyers. Friedman and Parker have been active in this market with recent sales including The Barry Quad for $32.3 million, Graceway Corners for $10.25 million, 924 W Newport for $4.9 million, and 3763 N Magnolia for $2.9 million. The team is currently in the process of the Section 15 sale of 3825 N Pine Grove, a 94 unit condominium building.
Click here to learn more about Kiser Group’s available properties in Lakeview and beyond.
Click here to read the full Lakeview Deconversion story by the Chicago Business Journal.
Click here to view this deal on Bisnow’s Weekly Chicago Deal Sheet.