August 19, 2019
Continuing the deconversion trend, Marcus & Millichap has arranged the sale of a 16-unit residential condominium property in the North Side’s Buena Park neighborhood. Bertsch Properties paid $4.6 million, or $287,500 per unit, for 4072 N. Sheridan Rd.
“Despite talk of a deconversion slowdown, and Chicago’s proposed ordinance to increase the required approval rate to prevent ‘hostile’ deconversions, we believe the trend will continue as long as investor appetite for multifamily remains strong and people prefer to live in apartments,” said Marcus & Millichap’s Kyle Stengle, who marketed the property on behalf of the condo owners.
Stengle worked with the condo association for a year before the sale to ensure the building, which was built in 1916 and last renovated in the mid-1990s, was a good candidate for deconversion. He and his team have listed and brokered over 10 deconversions, and currently have a listing for another.
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