Kiser Group Brokers $7.23 Million Condominium Deconversion Sale in East Lakeview

Kiser Group is pleased to announce the successful off-market closing of a $7.23 million condominium deconversion sale in the Lakeview neighborhood on March 20, 2024. Senior Director Andy Friedman and Director Jake Parker represented the buyer, Langdon Partners, in the transaction. The 41-unit property presents an excellent value-add opportunity in a premier pocket of Lakevew, located a half block from Chicago’s Lakefront.

Like most condominium deconversion sales, this transaction had a challenging journey.  Originally listed for sale in 2021 by the condominium association’s property manager, 505 W Melrose spent two years going in and out of contract.  Despite the fact that the association had severe deal fatigue after those two years, Kiser Group was able to bring a qualified buyer and get to a successful close in an off-market transaction.

“Chicago renters continue to show strong demand for units that have been recently updated, especially in core northside neighborhoods like Lakeview”, Jake Parker remarked.  “Langdon Partners recognized the value-add potential of 505 W Melrose and plans to fully renovate it to become one of the nicest buildings in the area.  Their efforts will be rewarded with substantial rent increases and post-renovation asset value”

“Like every other deconversion sale we have closed in Lakeview and Lincoln Park, 505 W Melrose created inventory out of thin air” said Andy Friedman, “These cherished Near North Side markets see very little velocity as ownership is concentrated and holds for the very long term.  Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution.  Truly a win-win scenario for both buyer and seller(s).”

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