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Des Plaines Condos See Region’s Largest Deconversion Deal by Units
CLK Properties paid $94 million to acquire Heritage Village Pointe, a residential condominium complex in Des Plaines, IL, Crain’s Chicago Business reported. At 924 units, it’s the largest condo deconversion sale in the Chicago region to date by unit count, although the $107 million paid for the 391-unit 1400 N. Lakeshore Dr. is the largest by dollar volume.
Based in the Long Island community of Woodbury, NY, CLK has reportedly amassed a Chicago-area apartment portfolio of more than 2,000 units since entering the market in 2014. The deal for Heritage Village was brokered by Cagan Realty’s Mirela Dulu.
The sale illustrated one of the reasons that condo owners may consent to mass deconversion sales at their properties. CLK paid about $102,000 per unit for the property, compared to an average price of $45,000 to $50,000 per unit that sales of individual units have garnered recently, according to Crain’s.
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