SOLD
Local Investor Acquires Largest Condo Deconversion Sale In Lakeview East For $13.85M
663 West Grace Street
MultiFamily
48,000 SF
48,000 SF
Sold 1 year ago
Summary
Sale
ILLINOIS
MultiFamily
48,000 sqft
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.
Players
All
6
Agents
5
Agencies
1
Details
SOLD
IMAGE: Doug Imber, Kate Varde & Brian Karmowski
DATE: 04/09/2021
ADDRESS: 663 W. Grace Street
MARKET: Lakeview East, Chicago
ASSET TYPE: Multifamily
SELLER: 663 Grace Condo Association
BROKERS: Doug Imber, Kate Varde, Brian Karmowski, Jaimie Steinher & Dan Shepherd @chicagomultifamily_essexrealty
SALE PRICE: $13,850,000
UNITS: 80 ~ PPU: $173,125
NOTE FROM ESSEX REALTY GROUP: According to Co-Star Comps, at $173,125 per unit, this is the largest condo deconversion sale in the Lincoln Park and Lakeview area to transact in the last 12 months. The sellers were each able to garner more than a 50% price premium by working together to deconvert than they would have been able to do selling their units individually. The purchaser, a local investor, was adding to their operating scale in the area. 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. Essex generated 18 property tours and six offers. The team of Imber, Varde, Steinher and Shepherd represented the buyer in this deconversion sale. “Despite the recent economic headwinds, well-located condo deconversions are still garnering significant demand,” said Karmowski. He said apartment fundamentals have stayed strong through 2021, adding, “It was rare to see a 50-plus unit building available for sale on the North Side prior to COVID. Today that scarcity is even greater.” The 80-unit four plus one style, elevator building is comprised of 40 studios, 40 1 Bed/1 Bath units, and 40 deeded parking spaces. Of the 80 condominiums, 39 units were owned in bulk by one entity.View on map
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Address663 West Grace Street
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