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Kiser Group arranged the $18.3-million condo deconversion sale in Chicago's Lakeview neighborhood

Kiser Group Duo Brokers Condo Deconversion Deal in Lakewood

Kiser Group directors Andy Friedman and Jake Parker brokered a condominium deconversion sale at 3825 N Pine Grove, located in the Lakeview neighborhood of Chicago. The 3825 N Pine Grove Condominium Association received $18,300,000. 

“Multifamily properties of size rarely trade in Lakeview,” said Friedman. “This is only the third building of 90 or more units that has traded in Lakeview in the last 5 years, and all three were deconversion sales. One of the other two sales was The Barry Quad, a 115-unit condominium complex, that we closed in 2021. This demonstrates one of the values of condo deconversion sales—creating multifamily inventory for sale in highly desirable submarkets.” 

In the case of this property, 90% of the units were investor-owned rental units. “As a result, individual unit sales were depressed, and this deconversion sale provided an excellent exit for owners at pricing 50% higher than market value,” said Parker. 


Inside The Story

Kiser Group

About Paul Bubny

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 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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