Lakeview Sees Its Largest Condo Deconversion Deal in 12 Months

Essex Realty Group finalized the sale of 663 W. Grace St., 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 in the past 12 months.

Essex generated 18 property tours and six offers. The team of Imber, Varde, Steinher and Shepherd represented the buyer.

“Despite the recent economic headwinds, well-located condo deconversions are still garnering significant demand,” said Karmowski. He said apartment fundamentals have stayed strong through 2021, 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.”

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.