REBusinessOnline

Marcus & Millichap Brokers $10.3M Condo Deconversion Sale in Chicago

The buyer plans to convert the 25 condos into rental units.

CHICAGO — Marcus & Millichap has brokered the $10.3 million sale of 227 East Walton Place in Chicago’s Streeterville neighborhood. The buyers, a group of California-based private investors, plan to convert the property’s 25 condos into rental units. Built in 1956, the property is located at 227 E. Walton St. Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague of Marcus & Millichap brokered the transaction. The sale price equates to $412,000 per unit. 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. Sellers then have the option to either move out of their units or lease them back from the new owner.

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