Flats on LaSalle at 1140 N. LaSalle Drive, has been listed for sale by Chicago-based multifamily brokerage firm Kiser Group. The 250-unit, eight-story building was originally built in 1924 as a luxury hotel, but was later converted to apartments and in 2006 to condominiums. The condos are a mix of studio and one-bedroom units.
The condominium deconversion is being represented by Kiser Group’s Lee Kiser, Michael D’Agostino, Jake Parker and Ken Naslund. “This is a value-add opportunity for a private buyer,” said principal and managing broker Lee Kiser. “Centralizing management and leasing as an apartment property will increase and stabilize the NOI. Competing projects in the area suggest that rents can be increased dramatically by updating units and common areas and adding amenities to the building.”
“Rarely can you find a Gold Coast apartment building with this scale for less than $200,000 per unit,” said senior director Michael D’Agostino. “Condo deconversions continue to be a trend, especially on the North Side of Chicago. Kiser Group has recently brokered several condominium deconversions and has several currently in analysis. This trend will continue as long as investor interest in apartment buildings continues to push prices per unit higher than condominium values.”