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.”
Connect Chicago Fall 2019 will take place Oct. 29 in Chicago. For more information, or to register, click here.
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.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.