Becovic Management Purchases Condo Property in Chicago for $13.3M, Plans Deconversion
CHICAGO — Becovic Management Group LLC has purchased Shore Manor in Chicago for $13.3 million with plans to convert the 90-unit condo property into apartments. The building is located at 5858 N. Sheridan Road. Built in 1955 and converted to condos in 1977, the 12-story property offers a mix of studio and one-bedroom units averaging 576 square feet. Sam Haddadin and Justin Ross of CBRE represented the condo association in the sale. “Older buildings facing capital projects present a great opportunity for condo owners to get well above market value for their condos in a deconversion sale,” says Haddadin. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner.