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Kiser Group Arranges Waukegan Bulk Condo Sale
Kiser Group closed the sale of a bulk condominium package at Onan Place Condos (3370 W. Brooke Ave.) in Waukegan. Senior director Matt Halper and director Danny Mantis represented the seller in this $4.1-million transaction, who owned 58 of the building’s 74 units.
“The unique thing about this deal is it’s a bulk condo deal rather than the far more common condo deconversion,” said Halper. “We represented the ownership entity of the majority of units who did not want to market it as a deconversion, even though he owned more than the 75% required to deconvert.”
Mantis added, “The buyer of this property comes into a situation with several options. They will have the opportunity to continue to operate the condo chunk as the seller has and organically raise rents and also will have the opportunity to acquire additional units over time.”
- ◦Sale/Acquisition
