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Condos Reborn

Condos Reborn
717 Ridge Ave
As the economy gains traction and capital markets rebound, some condo projects are being reborn as for-sale units and others as multifamily rentals. In Evanston, the Washington, DC-based Carlyle Group recently agreed to invest $12M with a JV of Atlanta-based Atlantic Realty Partners and Northfield-based Focus Development to build the $43M, 175-rental apartment building at 1717 Ridge Ave. Before the bust, TR Sienna had planned to build 244 condo units, but not all were completed before the lender, Corus Bank, went under. Meanwhile in East Lake View, Conlon and Co chairman Sean Conlon says that he's working with a partner to revive a failed condo project at North Sheridan and Diversy and hopes to be showing models in April.
JLL's Dave Hendrickson
JLL's Dave Hendrickson, who provided Chicago support to his Atlanta colleagues repping Atlantic in the Carlyle deal, says that the current value of high-end rental buildings is close to the sell-out value upscale of condo buildings in ’07. Homebuyers are still hesitant to plunge into condos, but Dave says that the condo market is reviving in places such as Miami and Atlanta. Chicago, he says, still has about two more years to go. Overall, Dave says, “rental is hot, condo is not."