Multifamily N Illinois

Interra Realty brokers $8.2M deconversion sale in Chicago’s Buena Park

Interra Realty brokers $8.2M deconversion sale in Chicago’s Buena Park,ph1

Interra Realty has brokered the $8.2 million deconversion sale of 744 W. Gordon Terrace, a four-story, 34-unit building in Chicago’s Buena Park neighborhood. The sale price equates to an average of $241,176 per unit, a market value that is 50 percent higher than the average recent individual condo sale in the area.

“Condo deconversions continue to make sense for investors and condo owners alike,” said Joe Smazal, managing partner of Interra, who represented both sides in the transaction. “The creative deal structure allows investors to acquire a large number of units in areas of high rental demand with a limited supply of available apartments. A bulk deconversion sale also offers condo owners a premium sale price above what they could achieve by selling their units individually.”

Built in 1974 and located one block from Lake Michigan, the building includes a mix of studio, one- and two-bedroom apartments, many with fireplaces and condo-quality finishes, private outdoor space and in-unit laundry. Residents have access to a shared laundry room, extra storage space and a bike room. The building also includes an underground, heated parking garage.

Convenient access to downtown Chicago is available at a bus stop less than a block away that provides an express route via Lake Shore Drive. The Sheridan Red Line station is also less than a half-mile from the property. Nearby recreational amenities include several parks and Chicago’s Lakefront Trail, a multi-use path that stretches nearly 18 miles along the Lake Michigan shoreline.

“Buena Park appeals to both investors and renters because of its convenient location near public transportation, restaurants, retail and the lakefront. The neighborhood’s walkability and abundance of excellent bike lanes are also attractive to renters,” said Smazal. This transaction marks the eighth deconversion sold by Smazal since the beginning of 2017 for a total value of more than $92 million.