REJournals | Illinois Multifamily

Essex lists 80-unit Lakeview condo property for deconversion

August 18, 2020

Essex Realty Group, Inc. has been exclusively engaged to market for sale 663 W. Grace Street, located in Chicago’s Lakeview neighborhood. The property is being offered as a condominium deconversion opportunity under Section 15 of the Illinois Condominium Act.

The 80-unit, four-plus-one style, elevator building is comprised of 40 studios, 40 one-bedroom/one-bathroom units, and 40 deeded parking spaces. Of the 80 condominiums, 39 units are owned in bulk by one entity. In addition, nearly 70 percent of the condominiums are renter-occupied. Furthermore, 78 percent 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. Located one block from the lake in the heart of Lakeview, this will be an ideal deconversion opportunity,” said Brian Karmowski, Essex Realty Group director and broker for the project.

Karmowski explains that apartment fundamentals have stayed strong throughout this year, adding, “It was rare to see a 50+ 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 , Kate Varde , Brian Karmowski