Off-Market Condo Deconversion Sale Closes in East Lakeview

Kiser Group has completed the off-market closing of a $7.23 million condominium deconversion sale located at 505 W. Melrose in the Lakeview neighborhood.

Senior Director Andy Friedman and Director Jake Parker represented the buyer, Langdon Partners, in the transaction. The 41-unit property presents an excellent value-add opportunity in a premier pocket of Lakeview, located a half block from Chicago’s Lakefront.

Like most condominium deconversion sales, this transaction had a challenging journey. Originally listed for sale in 2021 by the condominium association’s property manager, 505 W. Melrose spent two years going in and out of contract.

“Langdon Partners recognized the value-add potential of 505 W Melrose and plans to fully renovate it to become one of the nicest buildings in the area,” said Parker. “Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution.”‘

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