Multifamily N Illinois

Evanston condo undergoes $3.7M deconversion

Evanston condo undergoes $3.7M deconversion,ph1

Interra Realty brokered the $3.7 million deconversion sale of 122-130 Callan Avenue in Evanston, Illinois. The buyer plans to convert the building’s 25 condominiums back into rentals.

Patrick Kennelly, managing partner of Interra, and Paul Waterloo, director, represented both the buyer and the sellers, Evanstonian Condominium Association. The sale price equates to an average of $148,000 per unit, a market value that is nearly 175 percent higher than the average recent individual condo sale in the building. The transaction marks the second condominium deconversion in Evanston so far this year, following a $4.82 million sale in June that was also brokered by Interra.

“Deconversions are complicated deals and the success of this sale speaks not only to investor demand but also to our experience with this type of transaction,” said Kennelly. “The strength of the rental market in Evanston made this deal especially attractive to the buyer, and the return for the owners far surpassed the projected sale prices if the units were to be sold individually.”

Built in 1923, the courtyard building includes 13 two-bed/one-bath and 12 one-bed/one-bath apartments with granite countertops and in-unit laundry. Residents have extra storage space as well as garage and exterior parking. The seller received multiple offers on the property.

“It’s no wonder 120-133 Callen Avenue drew such strong investor interest, given the great condition of the building at the time of sale and its proximity to both Chicago and Evanston,” said Waterloo. “We have seen increased investor demand for these kinds of properties located in close-in suburbs that offer convenient access to the city.”

The Howard CTA station serving the Red, Purple and Yellow lines is less than a half-mile from the property. Located a mile from the lakefront, 122-130 Callan Ave. is also close to Rogers and Howard Beach parks, as well as Chicago’s Lakefront Trail, a multi-use path that stretches nearly 18 miles along the Lake Michigan shoreline.