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.