This Lincoln Park Condo Tower May Become Apartments
The owner of a 20-story condo building in Lincoln Park has hired CBRE to court buyers for the property and "de-convert" the building to apartments, hoping to take advantage of Chicago's strong rental market.
Nicholas V. Gouletas had turned Clark Place at 2625 N Clark St into condos when he bought the 133-unit building for $25M in 2005. But rental rates are outpacing condo prices in several markets during this cycle and capitalizing on a de-conversion while the market is still bullish may be an opportunity too good to ignore for prospective buyers, Crain's reports.
Another factor in favor of de-conversion: sale prices for condos in this building are down. The most recent recorded one-bedroom unit sold for $170k; the same unit sold for $294k in 2005. If the property sells and goes rental, this would be Chicago's largest post-crash de-conversion. [Crain's]