Chicago & Midwest + North Side + Apartments | November 19, 2020

Albany Park Condos Trade in Deconversion Deal

Kiser Group advised the 5027-29 N. Harding Condominium Association through a Section 15 deconversion sale. Located at 5027-29 N. Harding, the 13-unit Albany Park building on Chicago’s Northwest Side sold for $1,950,000. Advisors Andy Friedman and Jake Parker represented the association in the sale.

“This deal continues the trend of buildings that were converted to condos in the early 2000s now deconverting back to apartments,” said Friedman.

“5027 N. Harding fit the mold of a property that would benefit from deconversion with a high percentage of rental units and poor individual unit resale values,” said Parker. “Albany Park’s multifamily market continues to see upward movement in rent, and the new owner looks to make improvements to capture top of the market rents.”

The 13-unit, three-story building was initially built in 1931 as apartments. It was converted to condos in 2006 and features 11 two-bedroom, one-bathroom units and two one-bedroom units.

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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 13-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 15-20 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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