Press Release

CBRE Completes Multiple Condo Deconversion Sales in Chicago for $9.2M

05 11 2018

chicago-pr-malden

Chicago – November 5, 2018 – CBRE recently represented completed two condo deconversion sales in Chicago for a total of $9.2 million.
 
In both transactions, Sam Haddadin and Justin Ross of CBRE represented the condo associations in the sale. The buyers of each property will deconvert the condo units and reposition them as rental properties.
 
In the first transaction, 4715 North Malden, a 28-unit property in the Uptown neighborhood, sold for $4.8 million. Originally constructed in 1926, the vintage property is one block from the intersection of the Broadway and Lawrence Avenues intersection. The four-story property offers 20 one-bed and one-bathroom units and eight two-bedroom one-bathroom units. It offers direct access to the Broadway commercial corridor and CTA transportation at the Wilson Red Line stop.
 
In the second transaction, 663 West Melrose, an 18-unit property in the Lakeview neighborhood, sold for $4.4 million. The property was built as apartments in 1974 and converted to condos in 1981. It offers 15 one-bed and one-bathroom units and three two-bedroom and two-bath units. It is located less than a mile from the lakefront walking path at Lake Michigan and within easy walking distance of both Red Line and Brown Line CTA stops.
 
“These are both excellent value-add opportunities and the new owners will be able to upgrade units and add community amenities that will be a big draw for renters,” said Ross, first vice president with CBRE. “The rental market is still incredibly strong and in very popular markets on the north side we will continue to see investors target vintage properties for deconversion opportunities.”
 
“At the same time, owners are finding these transactions very appealing, as they typically result in above-market-rate prices for their units,” said Haddadin, vice president at CBRE.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.