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CBRE Brokers Deconversion Deal in Edgewater Beach
CBRE’s Chicago office has brokered the sale of a 188-unit condominium deconversion property at 5815 N. Sheridan Rd. in the North Side’s Edgewater Beach neighborhood for $27.2 million. The firm’s Sam Haddadin and Dan Cohen represented the condo association in the sale to New York-based Greenstone Property Group LLC.
“We were looking at looming special assessments that would have been difficult to finance,” said Shawn Swift, 5815 N. Sheridan’s condo association president. “Through this process, everyone received 140% to 160% above market value for their unit. Now, an experienced investor can take the property and put capital back into it.”
Consisting mostly of one-bedroom units, and one of Chicago’s only properties with direct beach access, the building has “tremendous value-add potential, “said Haddadin. “There are opportunities to add new amenities and upgrade finishes throughout the property. With these changes, ownership can then better capture market rents.”
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