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Chicago & Midwest  + North Side  + Apartments  | 

Buena Park Deconversion Fetches 50% Premium on Market Values

Interra Realty’s Joe Smazal has brokered eight condominium deconversion deals since the beginning of 2017. The latest of these is the $8.2-million sale of 744 W. Gordon Terr. in the North Side’s Buena Park neighborhood. The buyer intends to convert the property’s 34 condos back into rentals.

“Condo deconversions continue to make sense for investors and condo owners alike,” said Smazal. “The creative deal structure allows investors to acquire a large number of units in areas of high rental demand with a limited supply of available apartments. A bulk deconversion sale also offers condo owners a premium sale price above what they could achieve by selling their units individually.”

In the case of 744 W. Gordon, the per-unit value of $241,176 is 50% higher than the average recent individual condo sale in the area. Samzal represented both the property’s condo association and the buyer, who was not disclosed.


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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).

  • ◦Sale/Acquisition
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