Multifamily Tipping Point?
Conlon and Co chairman Sean Conlon says (in an authentic Irish brogue) multifamily rents ($6,000 to $8,000/month) are as high as the cost to own a condo. So this developer, investor, and broker is co-developing a condo project at 2930 and 3033 N Sheridan Dr and Diversy. Sean is converting a '60s-era rental complex and expects construction on models to be completed soon and to start selling in mid-April. He estimates that asking prices will be up to $205k for a one-bedroom and up to $320k for a two-bedroom, an approximately 25% discount compared to ’10 and 35% less than in ‘06.
|Sam Jenkins is an agent in the Chicago office of Conlon & Co’s three-year-old brokerage. Prior to this, Sean owned Suffex & Reiley, a brokerage that did about $1B in ’07 residential sales. As a developer of multifamily, Sean tells us that some condo locations are practically evergreens: East Lake View, Lincoln Park, and more recently, Roscoe Village. As a lender during the boom, he recently has taken back some properties, including a 304-room student residence at the University of Austin and land being developed for a shopping center in Elizabeth City, NC. (Sean and partners are building out the infrastructure.) They have five LOIs; one more and Sean says they’ll sell the property or bring in a developer to build it out.|