Interra Realty Arranges Chicago Deconversion Sale
- Jul 08, 2020
Interra Realty has brokered the $17 million deconversion sale of a 91-unit residential building near Chicago. Interra Managing Partner Pat Kennelly and Director Paul Waterloo assisted the condo association through the deconversion process, while Co-Founders & Principals David Goss and Jon Morgan represented the buyer, North Park Ventures.
Completed in 1939, the four-story building at 2730-66 Hampton Parkway in Evanston, Ill., has one- and two-bedroom apartments. The property was 75 percent occupied at the time of sale. The asset was most recently renovated in 2001, and the new owner began upgrading units immediately after the sale closed, according to Rob Sekula, Interra’s co-founder & managing partner.
Some 16 miles from downtown Chicago, the community is 2 miles north of central Evanston and within walking distance of Ryan Field, Welsh Ryan Arena and Evanston Hospital. The location is accessible via public transportation routes, with bus and rail stations in the surrounding area.
In February, an Interra team including Morgan and Goss represented both parties in the $27 million sale of a 59-unit community in Chicago’s South Loop. Originally built in 1913, the four-story structure was converted to residential use a century later.