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Chicago & Midwest  + North Side  + Apartments  | 

Kiser Brokers Uptown Deconversion in Its Fourth Sale of the Property

Kiser Group recently brokered Dover Court Condominiums in the North Side’s Uptown neighborhood for $12.5 million in a Section 15 deconversion sale. The buyer, Neriel Lagoon LLC, acquired the property and will convert all of the units to apartments. The deal was brokered by Kiser Group’s Rick Ofman and Andy Friedman.

“Unlike many condo deconversions, Dover Court did not have a bulk unit owner; 64 units were owned by 64 different people,” said Friedman. “The property was otherwise a perfect representation of why associations choose to pursue a deconversion sale: a high percentage of rental units in the building, depressed resale values and looming special assessments.”

The 64-unit, three-story building at 4601 N. Dover St. was initially built in 1925 as apartments. It later converted to condominiums in 2007, following a sale also arranged by Kiser Group. The firm previously arranged trades of the property in 1998 and 2000.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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