Cagan’s Realty Brokers $94M Condo Deconversion Sale in Des Plaines, Illinois
DES PLAINES, ILL. — Cagan’s Realty Inc. has brokered the condo deconversion sale of Heritage Village Pointe in Des Plaines for $94 million. The transaction represents the largest deconversion sale by units in the state of Illinois, according to Cagan’s. The 154-building, 924-unit property sits on six acres and was originally developed in 1973. It will be renovated from condos into apartments via a planned, multi-year schedule. Current residents will be able to stay in their units until their buildings come up for rehabilitation. New Jersey-based CLK LLC was the buyer. Mirela Dulu and Heather Gallagher of Cagan’s, an affiliate of Cagan Property Management Inc., represented CLK and worked closely with the condominium association. Unit owners were motivated by the above-market purchase price offer as well as the prospect of expensive monthly assessments that would be required for deferred maintenance at the property, according to Dulu.