CHICAGO, IL - Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $17 million deconversion sale of 2730-66 Hampton Parkway, a 91-unit multifamily building near Northwestern University in Evanston, Ill. The property was the largest condo or apartment building sold in Evanston since 2018 by unit count, according to CoStar, with a per-unit sale price of approximately $187,000.
Interra Managing Partner Pat Kennelly and Director Paul Waterloo helped the building’s condo association navigate the often-complex deconversion process – through which a single buyer purchases all condo units and reverts them to rentals – and secured several written offers. The buyer, Chicago-based North Park Ventures LLC, was represented by Interra co-founders and principals David Goss and Jon Morgan.
“There continues to be robust demand for multifamily buildings in core locations that can be acquired below replacement cost,” said Kennelly. “Evanston, in particular, has proven popular with renters due to its vibrant downtown and easy access to Northwestern University. While the suburb has seen some new apartment construction in recent years, Evanston has a number of older condo and apartment buildings that can be renovated and competitively priced for an attractive return.”
“We’re big believers in the future of the rental market, including in the suburbs, and on identifying properties where there is an opportunity to add value,” said Rob Sekula, co-founder and managing partner of North Park Ventures. “We closed on a Friday and started painting vacant units, adding new light fixtures and making other upgrades on Monday. We were very fortunate to have a strong debt and equity partner to get the job done despite current conditions, and Interra was instrumental in helping us get the deal across the finish line and complete a large deconversion during the pandemic.”
Built in 1939 and most recently renovated in 2001, 2730-66 Hampton Parkway is a courtyard building that includes 29 two-bedroom and 62 one-bedroom units. Residences, which were 75% occupied at the time of sale, have hardwood flooring and updated kitchens with stainless steel appliances. Residents also have access to on-site laundry and a surface parking lot.
2730-66 Hampton Parkway is located just northeast of Ryan Field and Welsh Ryan Arena, and less than a mile from Northwestern University and Evanston Hospital. It offers convenient access to Metra and CTA Purple Line stations on Central Street, as well as bus routes offering service to Old Orchard Shopping Center, downtown Evanston and Chicago. The property is also close to bars, restaurants and shops on Central Street.
This is the second deconversion Interra has brokered for North Park Ventures; the first was 3264-70 N. Clark St. in Chicago’s Lakeview neighborhood in 2018. In total, Interra has brokered 17 deconversions since 2017, including four in Evanston.