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Chicago & Midwest  + North Side  + Apartments  | 

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.”

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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 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).

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