A 115-unit condo deconversion, being marketed as Barry Quad, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The condo deconversion consists of three buildings and is being offered at $36,000,000. Listing agents for the assignment are Kiser Group’s Andy Friedman and Jake Parker.
“Barry Quad represents a truly unique investment opportunity. In the last decade, only one other vintage walk-up property over 100 units has changed hands in Lakeview,” said Friedman. “The property is further differentiated by its location, amenities and value-add opportunities, making it an appealing condo deconversion investment.”
The Barry Quad listing is comprised of three properties. The 69-unit, double courtyard 835-855 W. Barry Avenue contains 13 one-bedroom units, 44 two-bedroom units and 12 three-bedroom units and features amenities such as a swimming pool, fitness center, two saunas, laundry room, roof deck with grills and a recreational room. 856-864 W. Barry Avenue is a 34-unit courtyard building with 24 one-bedroom units, seven two-bedroom units and three three-bedroom units, all of which have both a living and dining room. Finally, 850-852 W. Barry Avenue is a 12-unit walk-up building with one one-bedroom unit, seven two-bedroom units and four three-bedroom units.
“With half of the owners already renting out their units, the association is ready for a sale,” said Parker. “An investor could immediately move renters into the updated units while out-dated units are renovated.”
Kiser Group has successfully brokered numerous condo deconversions ranging in size and location throughout Chicago and has condo deconversions currently under contract. Notable deconversion sales and listings include 1140 N. LaSalle, a 250-unit condo deconversion in River North that sold for $38,000,000; 512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000 and 4601 N. Dover, a 64-unit condo deconversion in Uptown that is under contract for $12,500,000 and scheduled to close in September.
“Condominium deconversion sales continue to be a part of the Chicao multifamily sales landscape. The primary drivers behind deconversion sales include stagnant condo resales and high demand for apartment buildings,” said Friedman. “There are no signs of change in the near future.”