Edgewater Condo Tower Hits the Market for Deconversion Sale
Kiser Group is seeking a buyer for Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Rd. in Chicago’s Edgewater neighborhood. It was developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s. The condo board has put the property up for sale, reported Crain’s Chicago Business.
Director Andy Friedman of Kiser expects the property to sell for nearly $40 million. “We have already had a ton of interest, and we expect it to be well received,” he told Crain’s.
Friedman said it’s a good candidate for a condo deconversion because its assessments are high, depressing the resale value of units in the building. Monthly assessments range from $700 to $800 for a one-bedroom unit and $1,200 to $1,350 for a two-bedroom, he said.
The assessments are “obnoxiously big,” he said. “It doesn’t leave much room for a mortgage payment.”
Photo courtesy of Kiser Group.