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Kiser Group Markets Condo Deconversion in East Lakeview
Kiser Group has listed Harvard House Condominiums, a 94-unit property in the East Lakeview neighborhood of Chicago’s North Side. Listed for $19,000,000, the property is located at 3825 N. Pine Grove Ave. Director Andy Friedman and advisor Jake Parker are representing the association in this Section 15 deconversion sale.
“Harvard House is a perfect example of the benefits of a deconversion sale,” said Friedman. “With a large bulk owner and 90% of the units at the property used as rentals, resale values of individual units are quite depressed. This sale will allow owners to exit their investment at prices far exceeding current condominium values. For investors, 3825 N. Pine Grove presents a value-add opportunity of size, an infrequent opportunity in the neighborhood.”
Built in 1969 and converted to condo in 1991, Harvard House has an atypical unit mix for a 4+1 construction building, according to Kiser Group.
- ◦Sale/Acquisition
