Interra Negotiates $8.2M Condo Deconversion Sale in Chicago
CHICAGO — Interra Realty has negotiated the sale of a condominium deconversion in Chicago’s Buena Park neighborhood for $8.2 million. The undisclosed buyer plans to convert the property’s 34 condo units into apartment rentals. The four-story asset is located at 744 W. Gordon Terrace. Built in 1974, the property includes a mix of studios, one- and two-bedroom units. Joe Smazal of Interra brokered the transaction. 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.