ARLINGTON HEIGHTS, ILL. — Interra Realty has negotiated the $4.1 million condo deconversion sale of a 34-unit property in Arlington Heights. Built in 1970, the property on North Salem Avenue comprises 30 one-bedroom units and four two-bedroom units. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Salem Lane Condominium Association. The duo also represented the undisclosed buyer.
The condo owners were interested in selling the property to avoid a potential special assessment due to deferred maintenance, according to Interra. The new owner plans to make repairs to the balconies and upgrade units as they turn over.
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 threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.