Chicago & Midwest + North Side + Apartments | February 2, 2021

Deconversion Deal Goes Through on Second Try

Kiser Group advised the Estes Villa Condominium Association through a Section 15 deconversion sale. The 16-unit, circa-1930 building at 2641 W. Estes Ave. in the North Side’s West Ridge neighborhood sold for $2.26 million.

Advisors Andy Friedman and Danny Logarakis represented the Estes Villa Condominium Association in the sale as well as the buyer, Block and Key, LLC.

“Estes Villa went through a prior sale attempt that failed, and the association was jaded from the experience,” said Friedman. “Our hands-on approach with all unit owners resulted in a near-unanimous acceptance of the contract and a seamless process from start to finish.”

Logarakis added, “At $141,250 a unit, this is a high price-per-unit for the product type and provides an investor the opportunity to increase rents on units that are below market through improved management and light renovations.”

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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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