Kiser Closes on $31M Granville Tower Condo Deconversion Sale
Kiser Group’s Andy Friedman and Jake Parker closed the Section 15 condominium deconversion sale of The Granville Tower Condominium Association at 6166 N. Sheridan for $31.5 million. The property is located just south of the Loyola campus and was bought by Becovic Management Group.
“We continue to see strong deal flow in condominium deconversion sales,” said Friedman. Granville Tower was converted from apartments to condominiums in 1981, and the property consists of 56 two-bed units and 98 one-bed units, all of which are two-floor duplexes.
“The condominium market in the area has been robust, but properties like Granville Tower, with high dues and upcoming maintenance needs, have faced challenges in resale, making a deconversion sale an attractive option,” said Parker. “Investor interest in the building was massive, and the winning offer from Becovic represented a 50 percent premium to fair market value, and came with no due diligence or financing contingencies.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.