Kiser Group negotiated the off-market closing of a $7.23 million condominium deconversion sale in the Lakeview neighborhood of Chicago on March 20.
Senior Director Andy Friedman and Director Jake Parker represented the buyer, Langdon Partners, in the transaction. The 41-unit property presents an excellent value-add opportunity in a premier pocket of Lakevew, located a half block from Chicago’s Lakefront.
Like most condominium deconversion sales, this transaction had a challenging journey. Originally listed for sale in 2021 by the condominium association’s property manager, 505 W Melrose spent two years going in and out of contract. Despite the fact that the association had severe deal fatigue after those two years, Kiser Group was able to bring a qualified buyer and get to a successful close in an off-market transaction.
