Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
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.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

Get Chicago News in 150 Words
