Connect Chicago

Condo Deconversion Comes to Market in East Lakeview

August 24, 2020

Essex Realty Group was hired to sell 663 W. Grace St. in the North Side’s East Lakeview neighborhood. The property is being offered as a condominium deconversion opportunity, with the sale price subject to offer.

The 80-unit elevator building is comprised of 40 studios, 40 one-bedroom/one-bath units and 40 deeded parking spaces. Of the 80 condos, 39 units are owned in bulk by one entity.

In addition, nearly 70% of the condominiums are renter-occupied. Furthermore, 78% of the association has already indicated the desire to participate in a bulk sale.

“Despite the recent economic headwinds, well-located condo deconversions are still garnering significant demand,” said Brian Karmowski, Essex Realty director and broker for the project.

He said apartment fundamentals have stayed strong throughout this year, adding, ““It was rare to see a 50-plus unit building available for sale on the North Side prior to COVID. Today that scarcity is even greater.”

Since 1990, Essex Realty Group, Inc. has served Chicago’s investment real estate market as a top multifamily brokerage firm. Contact us today to learn more about our recent multifamily and mixed-use property sales.

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Tagged in this post: Doug Imber , Brian Karmowski , Kate Varde