Essex Realty Group Brokers Edgewater Condo Deconversion Sale
October 18, 2019

Essex Realty Group, Inc. announce the sale of 1446-1452 W. Thorndale Ave. in Chicago’s Edgewater neighborhood. Steven Livaditis, principal at Essex Realty Group, was exclusively hired to represent the association board and the homeowners in the twenty-six (26) unit condo deconversion sale.

The property is an immaculate courtyard building that was originally converted from an apartment building to condominiums in 2006 and had undergone an extensive rehab at that time. Building improvements included all new copper plumbing throughout, 1600-amp electric service and new wiring, windows, roof, and more. The units were gut renovated to the bricks and tastefully finished with high-end stainless appliances, granite countertops, maple cabinetry, individual laundry units, and furnaces.

This twenty-six (26) unit condominium building is in Chicago’s Edgewater neighborhood on the Northside, steps away from Andersonville and the new Peterson-Ridge Metra Station. The unit mix consists of spacious one and two-bedroom units, and several of the units include an additional den/office. Essex marketed all the condominium units to be sold in their entirety, allowing a buyer the potential to deconvert the association and operate the property as an apartment building.

Through aggressive marketing efforts, Essex was able to procure over 20 property tours and produce multiple offers. A local investor purchased the property for approximately $5,550,000.

According to CoStar reports, this transaction concluded as the highest price-per-unit sales in Edgewater this year for a non-new construction multi-family building.

Steven Livaditis also represented the purchaser in this transaction.

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