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Chicago & Midwest  + North Side  + Apartments  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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