East Lakeview condo building sells, deconversion to rental underway
Essex Realty Group, Inc. has announced the sale of 663 W. Grace Street, an 80-unit condominium property located in Chicago’s East Lakeview neighborhood. The team of Doug Imber, Kate Varde, Brian Karmowski, Jaimie Steinher and Dan Shepherd represented the 663 Grace Condo Association in this Section 15 deconversion sale.
The property closed for approximately $13,850,000. According to Co-Star Comps, at $173,125 per unit, this is the largest condo deconversion sale in the Lincoln Park and Lakeview area to transact in the last 12 months.
The sellers were each able to garner more than a 50% price premium by working together to deconvert than they would have been able to do selling their units individually. The purchaser, a local investor, was adding to their operating scale in the area.
The seller’s legal counsel was Omar Malik and Kelly Elmore of Kovitz, Shifrin and Nesbit. The buyer’s legal counsel was Scott Weinstein of Field and Goldberg. The purchase financing was provided by Jim Sotos of Red Capital.
Essex generated 18 property tours and six offers. The team of Imber, Varde, Steinher and Shepherd represented the buyer in this deconversion sale.
The 80-unit four plus one style, elevator building is comprised of 40 studios, 40 1Bd/1Ba units, and 40 deeded parking spaces. Of the 80 condominiums, 39 units were owned in bulk by one entity.
The property is within proximity to Broadway and Clark Street, popular thoroughfares full of local spirit and charm. Both streets feature a wide variety of restaurants, bars, shops, and entertainment options. In addition, Wrigley Field is located 0.41 miles to the west and Lake Michigan is just 0.40 miles to the east, both within walking distance from the Property. The Property is also conveniently located less than 0.50 miles from the Sheridan and Addison Red Line CTA stations and numerous bus stops and Divvy bike stations.
Essex Realty Group, Inc. is a leading mid-market brokerage firm that specializes in the sale of investment real estate throughout the Chicago metropolitan area. Visit https://essexrealtygroup.com for access to our multi-family listings and more information.Read Full Article at ReJournals | Illinois Multifamily