Kiser Group advises on $3.5M, 28-unit condo deconversion in Rogers Park

Kiser Group advised the 1319 West Sherwin Condominium Association through a Section 15 deconversion sale. Located at 1319-27 W. Sherwin Avenue in Chicago, the 28-unit Rogers Park building sold for $3,500,000.

“We are happy to have led the association through a successful deconversion,” said Kiser Group’s Andy Friedman. “This association had different brokers trying to sell the building off-market for three years. With an exclusive listing agreement and proper marketing, we were able to put this deal under contract in three weeks. This was accomplished in spite of a marketing launch during the stay-at-home order, and once again validates our process for successful deconversion sales.”

Advisors Friedman, Jake Parker, Danny Logarakis and Rick Ofman represented the buyer, a private investor, and association. The asset, which had a bulk owner, sold for just shy of list price and went under contract three weeks after the start of marketing.

“Chicago’s North Side apartment market continues to see steady investor interest,” said Ofman. “Rents in East Rogers Park for condo-quality finishes have dramatically increased recently. The buyer plans to capitalize on this by updating the vintage finishes in units.”

The 28-unit, three-story building was initially built in 1962 as apartments. In 2008, Kiser Group brokered the sale of the building to the developer that converted the units to condominiums. The building features 16 one-bedroom, one-bathroom units and 12 two-bedroom, two-bathroom units.

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Kiser Group Staff