REBusinessOnline

Interra Arranges $5M Sale of Condo De-conversion in Chicago’s Hyde Park

CHICAGO — Interra Realty has arranged the sale of Everett Hyde Park in Chicago for $5 million. The 32-unit condominium building is located at 5454 S. Everett Ave. The property was renovated and converted to condominiums in 2007. Joe Smazal of Interra represented the condominium association and the purchaser, Chicago-based Tricap Residential Group. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent of residents or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

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