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Chicago & Midwest  + North Side  + Apartments  | 

Interra Brokers Condo Deconversion Sale in Lakeview East

Continuing Chicago’s trend of condominium deconversions, Interra Realty has brokered the $30-million deconversion sale of 445 W. Wellington Ave., a 15-story condo building in Chicago’s Lakeview East neighborhood. The buyer, Beal Properties, plans to turn the 65-year-old building’s 117 condos back into rentals.

Interra’s David Goss, Jon Morgan and Managing Partner Joe Smazal represented both the buyer and seller, Wellington Place Condominium Association. The sale price of $256,410 per condo represented a 50% premium over individual condo sale prices in the area.

“The deconversion trend will continue as demand for apartment buildings, especially in desirable North Side neighborhoods, keeps outpacing the available supply of buildings for investors,” said Smazal. “The deconversion trend still has legs, but there are headwinds (rising interest rates and slower rent growth) that should create a sense of urgency for associations which are considering a deconversion.”

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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 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).

  • ◦Sale/Acquisition