Crain’s Chicago Business | Another big condo building goes rental

David Goss
Jon Morgan
Joe Smazal
Patrick Kennelly
Paul Waterloo
News
Uncategorized

A 101-unit condominium building on the North Side has joined the deconversion trend sweeping through the city, selling out to a developer for $16.2 million.

A venture led by investors Wayne “Skip” Gilmartin and his son Michael acquired the 13-story building in Buena Park after condo owners in the building approved the sale, according to Interra Realty, the Chicago-based
brokerage that arranged the sale.

The Gilmartins plan to convert the property at 732 W. Bittersweet Place back into rentals, a complex maneuver that has become more common recently amid the strong apartment market. Many condos these days are
worth more as apartments, and developers often are willing to buy up entire condo buildings and turn them back into pure rentals, capitalizing on the pricing spread…

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