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Chicago & Midwest  + Greater Chicagoland  + Apartments  | 

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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