September 17, 2019
Kiser Group recently brokered Dover Court Condominiums in the North Side’s Uptown neighborhood for $12.5 million in a Section 15 deconversion sale. The buyer, Neriel Lagoon LLC, acquired the property and will convert all of the units to apartments. The deal was brokered by Kiser Group’s Rick Ofman and Andy Friedman.
“Unlike many condo deconversions, Dover Court did not have a bulk unit owner; 64 units were owned by 64 different people,” said Friedman. “The property was otherwise a perfect representation of why associations choose to pursue a deconversion sale: a high percentage of rental units in the building, depressed resale values and looming special assessments.”
The 64-unit, three-story building at 4601 N. Dover St. was initially built in 1925 as apartments. It later converted to condominiums in 2007, following a sale also arranged by Kiser Group. The firm previously arranged trades of the property in 1998 and 2000.
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