33 Realty’s Sean Connelly and John Meyer represented Deer Creek Condominium Association in the deconversion sale of Deer Creek Condominiums, located at 1600, 1700 and 1800 Wedgewood Dr. in Gurnee, IL . The complex sold to Laramar Group for $18.5 million.
Built in 1983, the 198-unit Deer Creek consists of one- and two-bedroom units, as well as three recently converted three-bedroom, three-bath penthouses. It is 85% occupied.
“Deer Creek has great potential to raise rents to market levels as units become available for renovation,” added Meyer.
Although deconversions seem to be falling out of favor lately, Connelly and Meyer believe the market still has legs.
“We feel, as do our clients, that the trend is far from over,” said Connelly. “Associations looking to deconvert continue to reach out. Being choosy is the key to success when handling these types of assignments.”
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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