CHICAGO, IL - Essex Realty Group, Inc. is pleased to announce the sale of 915-25 W. Schubert Avenue, a vintage 29 unit condominium building that was owned by 15 different live-in owners and investors, located in the Lincoln Park neighborhood.
According to Kate Varde, a Director at Essex and one of the listing brokers for the property, “The offers we received from apartment investors seeking to de-convert the building from condominiums back to multi-family were 50% higher than what the individual units were selling for as condominiums. While de-converting is a complicated transaction, for many condominium buildings this is far and away the most profitable exit strategy today.”
The purchase price totaled $5,074,549 with a mix of 7 one bedroom units and 22 studio units.
Kate Varde and Doug Imber represented the sellers, and Jordan Gottlieb, Jim Darrow and Doug Fisher, also of Essex, represented the purchaser.
Since its founding in 1990, Essex has grown to become the Chicago area’s premier investment real estate brokerage company. Our expertise, integrity, and consultancy approach has resulted in our achieving the leading market share and earning the confidence of Chicago’s most prominent real estate investors. If you are seeking to buy or sell multi-family, mixed-use, retail, or other investment real estate, or simply require market information, we are committed to providing you with the highest level of service possible.