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.
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 GlobeSt.com 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).