Greenstone Property Group has bought a 188-unit condominium building in Chicago’s Edgewater Beach neighborhood that it is planning to turn into an apartment rental property. CBRE’s Vice President Sam Haddadin and Executive Vice President Dan Cohen represented the condo association in the $27.2 million transaction.
“Everyone received 140 to 160 percent above market value for their unit,” said Shawn Swift, the president of the condo association, in a prepared statement.
The building is located at 5815 N. Sheridan Road and has direct access to the beach. It consists of mostly one-bedroom units averaging 675 square feet. Amenities include indoor garage parking, a large meeting room and a large outdoor patio with grills and a fire pit.
“There are opportunities to add new amenities and upgrade finishes throughout the property. With these changes, ownership can then better capture market rents,” said Haddadin in prepared remarks.
According to Patrick Kennelly, managing partner with Interra Realty, the number of transactions that involve condominium buildings suitable for deconversions remains high in Chicago. Although the trend reached its peak in 2017, this type of property continues to see a lot of interest from investors.
Image courtesy of CBRE
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