Eight-Figure Bids Expected For Edgewater Condo Deconversion Sale
Investors seeking yield on multifamily properties are increasingly considering North Side condo deconversions, with notable deals like the July sale of a 101-unit Buena Park condo and Strategic Properties' $51.5M acquisition of Bel-Harbour Condominiums as examples. Now, condo owners in Edgewater are looking to sell their building.
CBRE was retained to market a 12-story, 188-unit condo building at 5815 North Sheridan Road to buyers, the Chicago Tribune reports, and CBRE predicts bids in the low to mid-eight figures. If a sale happens, it would rank with Bel-Harbour and the $35M sale of Clark Place Condominiums in Lincoln Park in number of units and per-sale price.
The building hits the market as investors flock to Edgewater and Rogers Park seeking opportunities to renovate value-add apartment buildings and push rent spreads. The building has a few modern concessions that would appeal to buyers, including direct access to Lake Michigan, a rooftop deck and 140 parking spaces.
