February 7, 2019
Interra Realty has brokered the deconversion sale of 2000 W. Birchwood Ave., a 16-unit condominium building in Chicago’s northernmost neighborhood, Rogers Park. Managing partner Brad Feldman and director Adam Saxon represented both the buyer and seller in the transaction, which at $2.125 million equated to approximately $133,000 per unit.
“This sale is another example of the deconversion trend playing out in neighborhoods throughout Chicago,” said Feldman. “The buyer plans to add value by duplexing down, or utilizing basement space to expand three of the existing units. All of the condos were owned and rented out by the seller, so there’s already a steady income stream that can be increased further through additional rent growth.”
Built in 1923 and gut-renovated during a condo conversion in 2006, the property currently comprises a mix of one and two-bedroom units, 94% leased at the time of sale.
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