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CBRE Brokers Lakeview Deconversion Deal
CBRE recently brokered the sale of 519 W. Melrose St., a 58-unit condominium property in the North Side’s Lakeview neighborhood, for $14.9 million to SRE Holdings, which plans to turn the condos into rental apartments. Sam Haddadin and Justin Ross of CBRE represented the 519 W. Melrose Condominium Association in the sale.
“Condo deconversions continue to be a popular trend in the Chicago market,” said CBRE’s Haddadin. “They are complex transactions, but in most cases, ownership is finding them to be a great option for their building if it fits the right profile.”
Ed Hayes, the condo association’s treasurer, coordinated efforts on behalf of owners. “Although there were some challenges educating a few owners of the current market value of their property, and also some challenges dividing the building’s sale price to individual units, the deal ended up being very popular among owners,” he said.
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