Interra Managing Partner Pat Kennelly and Director Paul Waterloo helped the building’s condo association navigate the often-complex deconversion process—through which a single buyer purchases all condo units and reverts them to rentals—and secured several written offers. The buyer, Chicago-based North Park Ventures LLC, was represented by Interra co-founders and principals David Goss and Jon Morgan.

“There continues to be robust demand for multifamily buildings in core locations that can be acquired below replacement cost,” said Kennelly. “Evanston, in particular, has proven popular with renters due to its vibrant downtown and easy access to Northwestern University. While the suburb has seen some new apartment construction in recent years, Evanston has a number of older condo and apartment buildings that can be renovated and competitively priced for an attractive return.”

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