Greystone Arranges Condo Deconversion in Chicago
- Nov 25, 2019
Greystone closed the sale of 32 units as part of a multifamily condominium deconversion in Chicago’s Rogers Park neighborhood. The $4.3 million transaction included 23 units owned by a single investor and nine individually owned units at Damen & Fargo Apartments. The new owner plans to add minor upgrades as the last rehabilitation of the building was completed in 2006.
The property is located at the corner of 2001 W. Fargo Ave. and 7400 N. Damen Ave. and features 13 different floorplans. The community provides one-, two- and three-bedroom apartments that average 786 square feet. Damen & Fargo residents can reach Pottawattomie Park, which is within walking distance from the property, a Walgreens store as well as several fast food restaurants on Howard Street. Downtown Chicago is approximately 15 miles away.
The Damen & Fargo transaction is the fifth Greystone closed in the Chicago market. The deal comes two months after the firm agreed to purchase an affordable and market-rate multifamily financing platform from Burlington Capital for $80 million.