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Chicago & Midwest   /   May 22, 2019

Paul Bubny
By: Paul Bubny

Uptown Deal Shows Continued Appeal of Deconversions

33 Realty has brokered the $7-million sale of a 49-unit residential condominium building at 918 W Winona St. in the North Side’s Uptown neighborhood. The out-of-town buyer presented the association with an all-cash offer at asking price.

“There is a question in the broader market if deconversions are losing steam,” said 33 managing director Sean Connelly, “But if the fundamental elements that have made them work are present, there are still a plethora of properties that work perfectly.”

In addition to deconverting the building, the buyer plans to embark on a major value-add renovation. Planned upgrades include renovating kitchens and baths, adding a rooftop deck and converting the building from a boiler system to individual HVAC.

Connelly and Mark Kurgan of 33 represented the seller in the transaction. Marcus & Millichap’s James Ziegler advised the buyer.

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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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