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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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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