Strategic Properties of North America, a client of law firm Taft, recently completed its acquisition of the 133-unit residential building at 2625 N. Clark St. in Chicago.
The former rental property was converted to a condominium building in 2005. Strategic Properties of North America has now de-converted that condo building back into rentals, to take advantage of the strong demand for apartment projects in Chicago.
Strategic Properties spent $35 million to buy out the owners of the condo building. That sales price came out to about $263,000 for every condo unit. The company now plans to spend about $6 million renovating and updating the building, including adding common-area elements such as a gym and other community rooms.
Taft’s Kathryn Kovitz Arnold, chair of the law firm’s condominium and real estate groups, led the de-conversion effort.
