CHICAGO — Kiser Group has negotiated a $7.2 million condo deconversion sale in Chicago’s Lakeview neighborhood. Originally listed for sale in 2021 by the condominium association’s property manager, the 41-unit property went in and out of contract for two years. Andy Friedman and Jake Parker of Kiser represented the buyer, Langdon Partners, which plans to fully renovate the building.
“Condominium buildings with a high percentage of investor-owned units, such as 505 Melrose, reach a point where owners are no longer able to properly maintain a building and a deconversion sale is an excellent solution,” says Friedman.
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.