Rogers Park Deal Shows Continued Hunger for Deconversions

Interra Realty brokered the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit multifamily building in the North Side’s Rogers Park neighborhood, for $6.5 million, or $162,500 per unit. The firm has arranged $100 million in deconversion deals since 2016.

Craig Martin and Lucas Fryman, both managing partners at Interra, represented the buyers, a local investment group that purchased the asset through a 1031 exchange. Martin and Fryman also represented the sellers: a private equity group that owned 36 of the building’s units, three individual investors who each owned a unit, and one owner-occupier.

“Despite Chicago’s higher threshold for owner approvals, deconversions are still getting done, especially in cases where a single investor already owns a majority of the units,” said Martin. “Investors are still hungry for deconversions that offer a good value proposition, and many are finding creative ways to make the deals work for individual sellers.”

Connect Industrial Midwest is coming to Rosemont, IL on March 4. For more information, or to register, click here.

For comments, questions or concerns, please contact Paul Bubny