Interra Brokers $1.4M Condo Deconversion in Oak Park, Illinois

by Kristin Harlow

OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.

You may also like