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.