CHICAGO, IL - Kiser Group, Chicagoland’s leading multifamily brokerage firm, brings to market The Fredona Condominiums, located at 815-817 West Addison, in the Wrigleyville neighborhood of Chicago. The 16-unit condo building is listed for $5.5 million. Director Andy Friedman and Advisor Jake Parker are marketing the property and will lead the Fredona Condominium Association through the Section 15 Deconversion sale.
“Wrigleyville is experiencing a renaissance of new development and activity, as a result, rents are on the rise and property values are appreciating,” said Parker. “With favorable market conditions in a low velocity neighborhood, we are anticipating a competitive pool of buyers.”
The 16-unit building was converted from apartments to condominiums in 2005. At the conversion, all building systems were modernized and units were gut renovated. The floorplan includes all two-bedroom units equipped with individual HVAC, laundry, dishwashers, and individual hot water tanks.
Within walking distance of Wrigley Field, the surrounding area is rich with restaurants, entertainment, and public transportation.
“Condominium deconversions remain an appealing investment opportunity for the multifamily industry. The supply of condominiums and potential deconversions in Chicago is still plentiful, especially condominiums that were converted from apartment buildings,” said Friedman. “We look forward to leading the Fredona Condominiums Association through a successful deconversion.”
This listing marks the eighth condominium deconversion in 2021 for Andy Friedman and Jake Parker. Five of those listings are closed and two are currently under contract. In addition to full-building deconversion sales, the team has also closed one bulk transaction of 30 condominium units and has a bulk transaction of 58 condominium units scheduled to close by year-end.