Interra Realty brokers $6.5 million deconversion sale in Chicago’s Rogers Park

Despite city’s higher threshold for owner approvals, investors still hungry for condo deconversions

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1638-44 W. Greenleaf Ave
Interra Realty brokered the $6.5 million deconversion sale of 1638-44 W. Greenleaf Ave. in Chicago’s Rogers Park neighborhood.

Interra Realty, a Chicago-based commercial real estate investment services firm, announced it brokered the deconversion sale of 1638-44 W. Greenleaf Ave., a 40-unit multifamily building in Chicago’s Rogers Park neighborhood, for $6.5 million, or $162,500 per unit.

Craig Martin and Lucas Fryman, both managing partners at Interra Realty, represented the buyers, a local investment group that purchased the asset through a 1031 exchange. Martin and Fryman also represented the sellers: a private equity group that owned 36 of the building’s units, three individual investors who each owned a unit, and one owner-occupier.

“Despite Chicago’s higher threshold for owner approvals, deconversions are still getting done, especially in cases where a single investor already owns a majority of the units,” said Martin. “Investors are still hungry for deconversions that offer a good value proposition, and many are finding creative ways to make the deals work for individual sellers.”

Built in 1929, 1638-44 W. Greenleaf Ave. is a three-story brick courtyard building with renovated two- and three-bedroom apartments that feature exposed brick, kitchens with granite countertops and stainless steel appliances, and in-unit laundry.

The building is located near several CTA bus routes and within walking distance to both the Morse Red Line station and Rogers Park Metra stop. It also offers easy access to Sheridan Road and Lake Shore Drive and is less than a mile from Loyola Park and Loyola Beach along Lake Michigan.

Interra Realty has brokered more than a dozen deconversions collectively valued at more than $100 million since 2016. The completed transactions span numerous Chicago neighborhoods, as well as inner-ring suburbs such as Evanston.