Greystone Real Estate Advisors Completes Condo Deconversion in Chicago
Greystone announced that it has closed the sale of 32 units as part of a multifamily condominium deconversion of Damen & Fargo Apartments in Chicago, IL.
Greystone Real Estate Advisors’ team of Bill Montana, Christopher Sackley, and Dan Barger orchestrated the sale of 23 units owned by a single investor, as well as nine individually owned units in the property, totaling $4,255,000 in acquisition costs for the new buyer, Damen Fargo LLC.
The property is located on the corner of 2001 West Fargo Avenue and 7400 North Damen Avenue in Chicago’s Rogers Park neighborhood. With 13 different floorplans, Damen & Fargo consists of units averaging 786 square feet and ranging from one- to three-bedroom units. The property was completely rehabbed at the time of the conversion from rentals to condominiums in 2006. The new owner plans to increase revenue by completing minor interior upgrades and improving upon operational efficiencies.
“We are thrilled to have helped complete another successful deconversion sale – our fifth such transaction in this market, totaling over 950 units,” said Bill Montana, Managing Director, Greystone Real Estate Advisors. “While it can be a complex process, Greystone has particular expertise in the nuances of deconversion sales, which involve concurrent negotiations with multiple stakeholders.”