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Chicago & Midwest   /   February 2, 2021

Paul Bubny
By: Paul Bubny

Deconversion Deal Goes Through on Second Try

Kiser Group advised the Estes Villa Condominium Association through a Section 15 deconversion sale. The 16-unit, circa-1930 building at 2641 W. Estes Ave. in the North Side’s West Ridge neighborhood sold for $2.26 million.

Advisors Andy Friedman and Danny Logarakis represented the Estes Villa Condominium Association in the sale as well as the buyer, Block and Key, LLC.

“Estes Villa went through a prior sale attempt that failed, and the association was jaded from the experience,” said Friedman. “Our hands-on approach with all unit owners resulted in a near-unanimous acceptance of the contract and a seamless process from start to finish.”
 
Logarakis added, “At $141,250 a unit, this is a high price-per-unit for the product type and provides an investor the opportunity to increase rents on units that are below market through improved management and light renovations.”

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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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