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Due to the Chicago City Council's recent decision to require potential buyers to secure the approval of 85% of a condominium building's owners before completing a sale, many believe investors will have a tougher time getting these transactions done. But the law doesn't take effect until next year, and some deals are getting in under the wire.
Essex Realty Group just completed the sale of 1446-1452 West Thorndale Ave. in Chicago’s Edgewater neighborhood, and the new owner plans to convert the 26-unit building into rental apartments.
Essex principal Steven Livaditis represented the condo association board and its homeowners.
The property is a courtyard building that was converted from an apartment building to condominiums in 2006, according to Livaditis. It underwent an extensive rehab at that time. The units were gut renovated and finished with high-end appliances, granite countertops, maple cabinetry, individual laundry units and furnaces.
Essex procured more than 20 property tours and produced multiple offers, Livaditis added, and a local investor purchased the property for approximately $5.5M.
This was the highest price-per-unit sale in Edgewater this year for an existing (rather than new-build) multifamily building, according to CoStar.
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