Investors are still jumping at opportunities to quickly create new rental apartments through condo deconversions. Chicago-based North Park Ventures recently paid $17M for 2730-66 Hampton Parkway, a condo property near Northwestern University in Evanston, and plans to convert its 91 units into rentals. It was the largest condo or apartment building sold in Evanston since 2018 by unit count, according to CoStar, with a per-unit sale price of about $187K.
Although the Chicago City Council reformed the deconversion process last year and required potential buyers to convince 85% of the owners before a condo sale can go forward, 75% support is required in the rest of the state. Interra Realty’s Pat Kennelly and Paul Waterloo helped 2730-66 Hampton Parkway’s condo association…
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