Just Closed – Lincoln Park Deconversion

Essex Realty Group, Inc. is pleased to announce that it has closed on the sale of 915-925 W. Schubert located in Chicago’s Lincoln Park neighborhood.  The vintage 29 unit condominium building was owned by 15 different live-in owners and investors.  According to Kate Varde, a Director at Essex and one of the listing brokers for the property, “The offers we received from apartment investors seeking to de-convert the building from condominiums back to multi-family were 50% higher than what the individual units were selling for as condominiums.  While de-converting is a complicated transaction, for many condominium buildings this is far and away the most profitable exit strategy today.”

The purchase price totaled $5,074,549 with a mix of 7 one bedroom units and 22 studio units.  

Kate Varde and Doug Imber represented the sellers, and Jordan Gottlieb, Jim Darrow and Doug Fisher, also of Essex, represented the purchaser.      

Please reach out to me at claymaxfield@essexrealtygroup.com  or 773-305-4852 for more information about this deal.