Essex Realty Group Brokers the Sale of 4630 N. Beacon St.
January 12, 2018 09:18 AM
2017 was another record for year for Essex Realty in facilitating condo deconversion opportunities.
This sale was a 41-unit condominium building located at 4630 N. Beacon St. in the heart of Sheridan Park, a sub-market of the booming Uptown neighborhood in Chicago.
The building, originally developed as rental apartments, was constructed in approximately 1923 and was converted to condominiums in 2002 by a local developer. During the recession in the late 2000's, many of these units saw a decline in value and many of the homeowners chose to lease their units to tenants due to the active rental environment. This property was a perfect condo deconversion candidate and the unit mix consisted of studio and one-bedroom units.
Essex procured over 20 individual property tours with national and local investors, and through a “call for offer” process received numerous written offers. The property sold within 30 days of marketing for $6,535,000.
Steven Livaditis and Joe Scheck represented both the condo association and the purchaser in this sale.