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Interra Realty Completes Arlington Heights Deconversion Deal
Interra Realty brokered the deconversion sale of a 34-unit multifamily property in Arlington Heights, IL The property, 202-222 N. Salem Ave., traded for $4.1 million, or $121,618 per unit.
Managing partner Patrick Kennelly and director Paul Waterloo represented the seller, the Salem Lane Condominium Association. The unnamed winning bidder was also represented by Waterloo and Martin.
“While this trend has cooled compared to years past, it is still possible to put together a deconversion deal in suburbs where the voting threshold remains at 75%,” said Waterloo. “Sales are especially active in desirable communities where there is limited sizeable inventory.”
Built in 1970, 202-222 N. Salem Ave. comprises 30 one-bedroom units and four two-bedroom units. The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance. The new owner plans repairs to the balconies and to upgrade units as they turn over.
- ◦Sale/Acquisition
