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Deconversion Plans Drive Sale of Lincoln Park Condos
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In line with a growing Chicago trend toward condominium deconversion, Avison Young has brokered the sale of Kennelly Square, a 268-unit condo building in Lincoln Park, to Strategic Properties of North America. The buyer plans to convert the units into rental apartments.
Avison Young principals James Hanson and Richard Hanson, along with SVP Paul Cohen, all Chicago-based, represented the Kennelly Square Condominium Association in the $78-million sale. The property needed significant upgrades that would potentially have required millions of dollars in special assessments to be spread among the unit owners.
“Investors are seeing tremendous opportunity in these older condominium buildings, where the cost of upgrading the property presents a financial burden for individual owners,” said James Hanson. “Given the high cost of new construction and the excellent in-fill locations of many older properties, developers are taking these creative steps to fill the demand for rental units.”
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