Property Overview

Uptown Condo Deconversion Trades Hands

Interra Realty was engaged on an off-market basis to sell 4901-4907 N. Kenmore, a 22 unit condo building of which 20 units were transacted as part of this sale. A struggling condo association translated into a value-add opportunity, with the new owner having plans to gut rehab the building and reposition it with condo-quality rental units. The seller was a seasoned operator who in the past would have likely done the renovation, but saw the value of a new owner taking on the renovation and project risk.

This property was brokered on a discreet off-market basis and through proactive marketing efforts, Interra had over two dozen showings and multiple offers, ultimately procuring a seasoned developer who saw the value in renovating the units and building and repositioning the asset. Buyers were attracted to the deal because of the value-add component having the ability to modernize the units to their liking, the economies of scale, the proximity to Lake Michigan, and the fact that Uptown has had a recent resurgence in investor appetite. The deal had many ups and downs, but it crossed the finish line where both parties were pleased with the outcome.

Key Details

Transaction Date
Number of Units
Year Built