The News Funnel: Kiser Group Seeks $36 Million for Barry Quad Condo Deconversion

(August 15, 2019) CHICAGO – A 115-unit condo deconversion, being marketed as Barry Quad, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The condo deconversion consists of three buildings and is being offered at $36,000,000. Listing agents for the assignment are Kiser Group’s Andy Friedman and Jake Parker.

“Barry Quad represents a truly unique investment opportunity. In the last decade, only one other vintage walk-up property over 100 units has changed hands in Lakeview,” said Broker Andy Friedman. “The property is further differentiated by its location, amenities, and value-add opportunities, making it an appealing condo deconversion investment.”

“With half of the owners already renting out their units, the association is ready for a sale,” said Broker Jake Parker. “An investor could immediately move renters into the updated units while out-dated units are renovated.”                                            

Barry Quad buildings:

• 835-855 W. Barry is a 69-unit double courtyard building with 13 one-bedroom units, 44 two-bedroom units and 12 three-bedroom units. Building amenities include a swimming pool, fitness center, two saunas, laundry room, roof deck with grills and a recreational room.                                                      
• 856-864 W. Barry is a 34-unit courtyard building with 24 one-bedroom units, 7 two-bedroom units and 3 three-bedroom units. All of the units in this building have both a living and dining room.                                                   
• 850-852 W. Barry is a 12-unit walk-up building with 1 one-bedroom unit, 7 two-bedroom units and 4 three-bedroom units.

Kiser Group has successfully brokered numerous condo deconversions ranging in size and location throughout Chicago and has condo deconversions currently under contract.

Notable condo deconversion sales and listings include:

• 1140 N. LaSalle, a 250-unit condo deconversion in River North that sold for $38,000,000.
• 512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000.
• 4601 N. Dover, a 64-unit condo deconversion in Uptown, is under contract for $12,500,000 and scheduled to close in September.

“Condominium deconversion sales continue to be a part of the Chicao multifamily sales landscape. The primary drivers behind deconversion sales include stagnant condo resales and high demand for apartment buildings,” said Friedman. “There are no signs of change in the near future.”

If you are a condo owner, learn more about the condo deconversion process at https://www.kisergroup.com/project/condo-deconversion/.

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Learn more about Kiser Group’s Condo Deconversion Process