05.22.20
Kiser Group brings 70-unit LaSalle Towers to market as condo deconversion
LaSalle Towers, located at 1211 N. LaSalle Drive in Chicago, has been listed for sale exclusively by Chicago-based multifamily brokerage firm Kiser Group. The 70-unit, 19-story building was built in 1929 as a hotel, later converted to apartments, and in 2006 was converted to condominiums.
The units are a mix of one-bedroom/one-bathroom and two-bedroom/two-bathroom plans. The property also features two commercial spaces. The LaSalle Towers Condominium Association is represented by Kiser Group brokers, Andy Friedman and Jake Parker.
“At the convergence of multiple neighborhoods, amenities, proximity to transit and Chicago near north lifestyle, we expect a high level of investor interest,” said Parker. “LaSalle Towers is a rare opportunity for investors looking for scale in one of Chicago’s most iconic neighborhoods.”
Last year, Chicago’s City Council has passed a resolution to increase the voting threshold on condo deconversions, requiring the assent of 85 percent of the condo owners, instead of the 75 percent threshold that previously held true. Now more than ever, successful condominium deconversions require much more than connecting a buyer and seller.
“The association has received multiple offers in the past few years and ultimately chose Kiser Group to lead a professional marketing campaign,” said Friedman. “Half of the units are already being used as rentals so it’s not surprising that the property attracts so much investor interest. The association realized that it would be in their best interest to run a formal marketing process rather than accepting unsolicited offers and chose Kiser Group to represent them.”
“LaSalle Towers is the type of property that is most resistant to economic cycles,” said Parker, “Because it is located in one of the most proven core neighborhoods in Chicago, yet has reasonable rent relative to the submarket.”
Kiser Group anticipates investor interest from out-of-state and international buyers in addition to the Chicago investment community.