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Glen Ellyn Condo Complex Sells for Deconversion
Essex Realty Group arranged the sale of Iron Gate Condominiums in Glen Ellyn, IL, a 180-unit complex that is to be converted into rental apartments. The sales price was approximately $18,525,000.
The deal was brokered by Essex Realty’s Brian Kochendorfer and Troy Beebe. Iron Gate is the third suburban condo complex deal that Essex has brokered this year.
“These deconversion projects can prove to be excellent investments for those who are up for the challenge,” said Beebe. “Iron Gate was a prime candidate for a deconversion because a large number of units in the complex were being operated as rentals.
“This can depress condo sale values and hinder mortgage loans for new purchases, so the deconversion provided a solid sales opportunity for the sellers and a value-add investment for the buyer,” he added.
After finalizing the deconversion, the purchaser plans to make significant upgrades to the complex.
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