CBRE’s Chicago office recently brokered the sale of a 188-unit condo deconversion property at 5815 N. Sheridan Road in Chicago for $27.2 million.
CBRE’s Sam Haddadin and Dan Cohen represented the condo association in the transaction. The property was purchased by New York-based Greenstone Property Group LLC.
“This process was a real win-win for everyone involved,” said Shawn Swift, 5815 N. Sheridan’s condo association president. “We were looking at looming special assessments that would have been difficult to finance. Through this process, everyone received 140 to 160 percent above market value for their unit. Now, an experienced investor can take the property and put capital back into it.”
The building consists of mostly one-bedroom units, with a weighted-average size of 675 square feet. Amenities include indoor garage parking, a large meeting room and a large outdoor patio with grills and a fire pit. It is also one of the only properties in Chicago with direct beach access.
“This property has tremendous value-add potential,” said Haddadin. “There are opportunities to add new amenities and upgrade finishes throughout the property. With these changes, ownership can then better capture market rents. At this location, there will be a lot of interest from prospective renters.”
CBRE has closed on several of the city’s largest condo deconversions, including the 133-unit 2625 N. Clark and the 207-unit 420 W. Belmont.