CHICAGO, IL - Andy Friedman and Jake Parker of Kiser Group have successfully closed the Section 15 condominium deconversion sale of The Granville Tower Condominium Association at 6166 N. Sheridan for $31.5 million.
The property was brought to market in February of 2023 and after a highly competitive marketing process, the transaction closed on October 18, 2023. The buyer, Becovic Management Group, recognized the potential in this acquisition, driven by their substantial presence in the area. Situated immediately south of the Loyola campus, Granville Tower is a unique building with incredible potential.
“Granville Tower was converted from apartments to condominiums in 1981,” said Friedman. “The building consists of 56 two bed one-and-a half-bath units, and 98 one bed one-and-a-half-bath units, all of which are two floor duplexes. Add in a pool and sundeck, two story garage, and ample space for new amenities, and it’s quite easy to see the potential here. That potential however can only be realized with a building under single ownership, or by turning back into the apartment building that it once was.”
“The condominium market in the area has been robust, but properties like Granville Tower, with high dues and upcoming maintenance needs, have faced challenges in resale, making a deconversion sale an attractive option,” said Parker. “Despite the challenging interest rate environment, well-located real estate like that of Granville Tower continues to garner strong demand. Investor interest in the building was massive and the winning offer from Becovic represented a 50% premium to fair market value, and came with no due diligence or financing contingencies ”
“We continue to see strong deal flow in condominium deconversion sales. The issues caused in the aftermath of the Great Financial Crisis as relates to condominiums still persist. Deconversion sales are quite frequently the best solution for those issues. With Granville Tower and every other deconversion assignment, our goal is to create a fantastic outcome for unit owners and a smooth process. We are proud to have another one of these on the books. ” said Friedman.