Interra Realty, a Chicago-based commercial real estate investment services firm, today announced it brokered the $8.2 million deconversion sale of 744 W. Gordon Terrace, a four-story, 34-unit building in Chicago’s Buena Park neighborhood. The buyer intends to convert the property’s 34 condominiums back into rentals.
Joe Smazal, managing partner of Interra, represented both sides in the transaction. The sale price equates to an average of $241,176 per unit, a market value that is 50 percent higher than the average recent individual condo sale in the area. This transaction marks the eighth deconversion sold by Smazal since the beginning of 2017 for a total value of more than $92 million.
“Condo deconversions continue to make sense for investors and condo owners alike,” said Smazal. “The creative deal structure allows investors to acquire a large number of units in areas of high rental demand with a limited supply of available apartments. A bulk deconversion sale also offers condo owners a premium sale price above what they could achieve by selling their units individually.”
Built in 1974 and located one block from Lake Michigan, the building includes a mix of studio, one-, and two-bedroom apartments, many with fireplaces and condo-quality finishes, private outdoor space and in-unit laundry. Residents have access to a shared laundry room, extra storage space and a bike room. The building also includes an underground heated parking garage.
“Buena Park appeals to both investors and renters because of its convenient location near public transportation, restaurants, retail and the lakefront,” said Smazal. “The neighborhood’s walkability and abundance of excellent bike lanes are also attractive to renters.”
Convenient access to downtown Chicago is available at a bus stop less than a block away that provides an express route via Lake Shore Drive. The Sheridan Red Line station is also less than a half-mile from the property. Nearby recreational amenities include several parks and Chicago’s Lakefront Trail, a multi-use path that stretches nearly 18 miles along the Lake Michigan shoreline.
About Interra Realty
Founded in 2010, Interra Realty is a Chicago-based commercial real estate services firm that delivers integrated, tailored solutions through its boutique, client-focused approach and team of experienced professionals. Since its inception, the firm has closed thousands of transactions valued in excess of $1 billion spanning the multifamily, office and retail sectors, as well as loan sales. Interra’s clients range from private investors and high-net-worth individuals to large financial institutions, private equity groups and hedge funds.
