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Interra Brokers Evanston’s Second Deconversion This Year
Interra Realty has brokered the $3.7-million deconversion sale of 122-130 Callan Ave. in Evanston, IL. The undisclosed buyer plans to convert the building’s 25 condominiums back into rentals.
The firm’s Patrick Kennelly and Paul Waterloo represented both the buyer and the sellers, Evanstonian Condominium Association. The sale price equates to an average of $148,000 per unit, nearly 175% higher than the average recent individual condo sale in the building. It’s the second deconversion in Evanston this year; the first, in June, was also brokered by Interra.
“Deconversions are complicated deals, and the success of this sale speaks not only to investor demand but also to our experience with this type of transaction,” said Kennelly. “The strength of the rental market in Evanston made this deal especially attractive to the buyer, and the return for the owners far surpassed the projected sale prices if the units were to be sold individually.”
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- ◦Sale/Acquisition

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