
Kiser Group Markets Wrigleyville Deconversion Deal
Kiser Group has listed The Fredona Condominiums, located at 815-817 W. Addison, in the North Side’s Wrigleyville neighborhood. The 16-unit condo building is listed for $5.5 million.
Director Andy Friedman and advisor Jake Parker are marketing the property and will lead the Fredona Condominium Association through the Section 15 Deconversion sale.
“Wrigleyville is experiencing a renaissance of new development and activity, as a result, rents are on the rise and property values are appreciating,” said Parker. “With favorable market conditions in a low-velocity neighborhood, we are anticipating a competitive pool of buyers.”
The 16-unit building was converted from apartments to condos in 2005. At the conversion, all building systems were modernized and units were gut renovated.
“Condominium deconversions remain an appealing investment opportunity for the multifamily industry. The supply of condominiums and potential deconversions in Chicago is still plentiful, especially condominiums that were converted from apartment buildings,” said Friedman.
- ◦Sale/Acquisition