Multifamily N Illinois

33 Realty brokers $7M deconversion sale of 49-unit property in Uptown

33 Realty brokers 7M deconversion sale of 49-unit property in Uptown,ph1

Chicago-based commercial real estate firm 33 Realty recently brokered the $7,000,000 sale of a 49-unit condo building located at 918 W. Winona Street in Chicago. The out-of-town buyer presented the association with an all-cash offer at asking price.

”There is a question in the broader market if deconversions are losing steam,” said 33 Realty’s managing director, Sean Connelly, “But if the fundamental elements that have made them work are present, there are still a plethora of properties that work perfectly.”

In addition to deconverting the building, the buyer will embark on a major value-add renovation. Planned upgrades include renovating kitchens and baths, adding a rooftop deck and converting the building from a boiler system to individual HVAC. Sean Connelly and Mark Kurgan of 33 Realty represented the seller in the transaction. James Ziegler of Marcus & Millichap represented the buyer.