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CBRE Arranges Two Deconversion Sales on North Side
CBRE recently completed two condo deconversion sales in Chicago for a total of $9.2 million. In both transactions, the firm’s Sam Haddadin and Justin Ross of CBRE represented the condo associations. The buyers of each property will deconvert the condo units, and reposition them as rental properties.
In the first transaction, 4715 North Malden, a circa-1926, 28-unit property in the Uptown neighborhood, sold for $4.8 million. In the second, 663 West Melrose (pictured), an 18-unit property in Lakeview, sold for $4.4 million. The property was built as apartments in 1974, and converted to condos in 1981.
”These are both excellent value-add opportunities and the new owners will be able to upgrade units and add community amenities that will be a big draw for renters,” said Ross. At the same time, added Haddadin, “owners are finding these transactions very appealing, as they typically result in above-market-rate prices for their units.”
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- ◦Sale/Acquisition

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