11.19.20
Albany Park Condos Trade in Deconversion Deal
Kiser Group advised the 5027-29 N. Harding Condominium Association through a Section 15 deconversion sale. Located at 5027-29 N. Harding, the 13-unit Albany Park building on Chicago’s Northwest Side sold for $1,950,000. Advisors Andy Friedman and Jake Parker represented the association in the sale.
“This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” said Friedman.
“5027 N. Harding fit the mold of a property that would benefit from deconversion with a high percentage of rental units and poor individual unit resale values,” said Parker. “Albany Park’s multifamily market continues to see upward movement in rent, and the new owner looks to make improvements to capture top of the market rents.”
The 13-unit, three-story building was initially built in 1931 as apartments. It was converted to condos in 2006 and features 11 two-bedroom, one-bathroom units and two one-bedroom units.
