Owners of Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Road, approved the sale of the building for $31.5 million, or about $205,000 per unit, reported Crain’s Chicago Business.
The 28-story condominium tower in Edgewater was developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s. Granville Tower hit the market for a deconversion deal earlier this year after the condo board put the property up for sale.
Becovic plans to return it back to its original state as a rental property. The sale of Granville Tower passed with the approval of 86% of ownership and 7.2% voting no, said Andy Friedman, director at Kiser Group, the Chicago-based brokerage that arranged the sale.
Becovic said he expects to spend roughly $4.6 million — or $30,000 per unit — on capital improvements at Granville Tower, including new amenities and hallway renovations, per Crains.
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.