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Interra Brokers Condo Deconversion Sale in Lakeview East
Continuing Chicago’s trend of condominium deconversions, Interra Realty has brokered the $30-million deconversion sale of 445 W. Wellington Ave., a 15-story condo building in Chicago’s Lakeview East neighborhood. The buyer, Beal Properties, plans to turn the 65-year-old building’s 117 condos back into rentals.
Interra’s David Goss, Jon Morgan and Managing Partner Joe Smazal represented both the buyer and seller, Wellington Place Condominium Association. The sale price of $256,410 per condo represented a 50% premium over individual condo sale prices in the area.
“The deconversion trend will continue as demand for apartment buildings, especially in desirable North Side neighborhoods, keeps outpacing the available supply of buildings for investors,” said Smazal. “The deconversion trend still has legs, but there are headwinds (rising interest rates and slower rent growth) that should create a sense of urgency for associations which are considering a deconversion.”
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- ◦Sale/Acquisition
