Rogers Park Rejoinder
Another successful deconversion brokered by Interra, this time in a prime Rogers Park location. Not your typical deconversion, this deal involved one investment group - owner of 36 of the 40 units, 3 individual investors and 1 owner-occupier.
The investment group contacted Interra based on their expertise at navigating these types of sales. Timing was right for the investors to divest the property, as it was already operating as an apartment building. The strong demand for updated multifamily investment properties in the area also aided this desire.
The buyer was attracted to this property based on 39 of the 40 units being investor-owned, strong in-place income, an enticing unit mix, central HVAC, condo-quality finishes and the ability to push rents during the summer lease up period.