Kiser Group, Chicagoland’s leading multifamily brokerage firm, advised the Magnolia Grace Condominiums Association through a Section 15 deconversion sale. Located at 3763 N. Magnolia Ave., the 12-unit condo deconversion in Chicago’s Wrigleyville neighborhood sold for $2.85 million. Kiser Group Advisors Andy Friedman and Jake Parker also represented the unnamed buyer.
“Condo 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 are pleased to have led another association through a successful deconversion. Our hands-on approach with the association resulted in all 12 owners accepting the contract and making for a seamless process from start to finish.”
The property was converted to condominiums in the 1980s and today features 11 spacious one-bedroom, one-bathroom units and one two-bedroom, one bathroom unit.
“The units at 3763 N. Magnolia Ave. vary in condition, with some being recently updated and some being vintage. The buyer plans to update vintage units and leave the updated units in their current condition,” said Kiser Group Advisor Jake Parker. “Wrigleyville is experiencing a renaissance of new development and activity, as a result the buyer views this building as a great long-term investment. ”
Kiser Group Advisors Friedman and Parker have a strong track record in transitions on Chicago’s Near North Side. Both Friedman and Parker focus on multifamily, mixed-use and condominium deconversion deals in the area.