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Chicago & Midwest  + North Side  + Apartments  | 

Kiser Markets Condo Deconversion at Flats on LaSalle

Flats on LaSalle, a Gold Coast residential building originally built as a hotel in 1924, is being marketed for sale by the Kiser Group. The 250-unit, eight-story building was converted to condominiums in 2006. The condo deconversion is being represented by Kiser Group’s Lee Kiser, Michael D’Agostino, Jake Parker and Ken Naslund.

“This is a value-add opportunity for a private buyer,” said Kiser. “Centralizing management and leasing as an apartment property will increase and stabilize the NOI. Competing projects in the area suggest that rents can be increased dramatically by updating units and common areas, and adding amenities to the building.”

D’Agostino noted that condo deconversions “continue to be a trend, especially on the North Side of Chicago.” He added that the trend will continue “as long as investor interest in apartment buildings continues to push prices per unit higher than condominium values.”


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).

  • ◦Sale/Acquisition
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