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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.”

Inside The Story
About the Author

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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