November 21, 2019
Greystone Real Estate Advisors closed the $4,255,000 sale of 32 units as part of a condominium deconversion of Damen & Fargo Apartments in the North Side’s Rogers Park neighborhood. A Chicago-based team of Bill Montana, Christopher Sackley and Dan Barger orchestrated the sale of 23 units owned by a single investor, as well as nine individually owned units in the property, to buyer Damen Fargo LLC.
Damen & Fargo was completely rehabbed at the time of the conversion from rentals to condos in 2006. The new owner plans to increase revenue by completing minor interior upgrades and improving upon operational efficiencies.
“We are thrilled to have helped complete another successful deconversion sale – our fifth such transaction in this market, totaling over 950 units,” said Montana. “While it can be a complex process, Greystone has particular expertise in the nuances of deconversion sales, which involve concurrent negotiations with multiple stakeholders.”
Photo: Gerald Farinas/Wikipedia.
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