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Developers Finding Success De-Converting Condos


A growing number of developers are eyeing condo de-conversions as investment opportunities. A combination of rising apartment rents and the recovery of the housing market has developers seeking condo buildings and converting them into rentals. Some, like Centrum Partners, are thinking big and placing bids on high-rises. Centrum managing partner John McLinden recently tried to buy 1660 N LaSalle for $141M, but was rejected by the condo board, Crain’s reports. The possibility of developers turning profits on de-conversions is even worth dealing with condo owners who feel their units are worth more than the market dictates. [Crain’s]