Interra Realty has brokered the deconversion sale of 2000 W. Birchwood Ave., a 16-unit condominium building in Chicago’s northernmost neighborhood, Rogers Park. Managing partner Brad Feldman and director Adam Saxon represented both the buyer and seller in the transaction, which at $2.125 million equated to approximately $133,000 per unit.
“This sale is another example of the deconversion trend playing out in neighborhoods throughout Chicago,” said Feldman. “The buyer plans to add value by duplexing down, or utilizing basement space to expand three of the existing units. All of the condos were owned and rented out by the seller, so there’s already a steady income stream that can be increased further through additional rent growth.”
Built in 1923 and gut-renovated during a condo conversion in 2006, the property currently comprises a mix of one and two-bedroom units, 94% leased at the time of sale.
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 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).
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