Local Investor Acquires Largest Condo Deconversion Sale In Lakeview East For $13.85M

The largest condo deconversion sale in the Lincoln Park and Lakeview area in the last 12 months has transacted. The sale took place at 663 W. Grace Street in Lakeview East, Chicago. The asset involved in this transaction is a multifamily property consisting of 80 units. The sale price for this property was $13,850,000, with a price per unit (PPU) of $173,125. The seller was the 663 Grace Condo Association.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $13,850,000
• Address: 663 W. Grace Street
• Market: Lakeview East, Chicago

In this transaction, the seller's legal counsel was Omar Malik and Kelly Elmore of Kovitz, Shifrin and Nesbit. The buyer's legal counsel was Scott Weinstein of Field and Goldberg. The purchase financing was provided by Jim Sotos of Red Capital. The buyer, a local investor, was looking to increase their operating scale in the area. Essex Realty Group, represented by Doug Imber, Kate Varde, Jaimie Steinher, and Dan Shepherd of @chicagomultifamily_essexrealty, assisted the buyer in this deconversion sale.