June 14, 2018 Comments Off on Streeterville Condos Trade for Conversion Views: 535 Chicago News, Downtown

Streeterville Condos Trade for Conversion

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Another condominium property has traded to investors who plan to convert the for-sale units into rental apartments, this time in Streeterville. A Marcus & Millichap team of Kyle Stengle, Austin Weisenbeck, Sean Sharko and Brewster Hague brokered the $10.3-million deconversion sale of 227 East Walton Pl., a 13-story, 25-unit condo building.

“The incredible demand for apartments in Streeterville made this property extremely desirable to investors,” said Stengle. “Our extensive deconversion experience led to a successful transaction, so the buyer could quickly add these units to the rental market. The individual condo owners were also pleased with the final sale terms.”

Post-conversion, Stengle said, “The building will satisfy renters who want spacious living downtown at a more reasonable rate than a similar-sized unit in a newly-constructed building. We also provided a plan to improve amenity spaces, like the rooftop deck and party room–features desired by many downtown renters.”

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