“We continue to see strong demand for rental housing in Chicago’s neighborhoods and especially in Wicker Park, where single-family home conversions have reduced the existing apartment stock,” said Kennelly. “Despite the higher approval threshold now needed to proceed with deconversions in Chicago, these deals are still getting done in desirable, high-barrier-to-entry submarkets.

“It’s also encouraging this is the third deal Paul and I have been able to close during the COVID-19 pandemic,” he continued. “We’ve seen the market adapt to circumstances outside of anyone’s control, with all parties demonstrating a willingness to work together to get deals across the finish line, even if it takes a little longer.”

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