Sale returns condo building to rentals

222-240 Asbury Ave. (Google Maps)

The deconversion sale of a 34-unit condo building on Asbury Avenue in Evanston was announced today by Interra Realty, a Chicago-based commercial real estate investment services firm.

An Illinois investor paid $4.82 million for the courtyard building. The sale price works out to an average of nearly $142,000 per unit.

That's about a 115 percent premium above recent condo unit sales at the property, according to Interra's Patrick Kennelly, who say unit sales prices there have averaged $66,000 over the past 10 years.

“We used a proactive marketing campaign targeting multifamily investors to bring broad exposure to this property, which produced 25 property tours and nine offers,” said Kennelly. “Our strategic marketing process combined with a strong rental market provided the condominium association a comparatively high sale price through a condo deconversion.”

Built in 1958, the property features 26 one-bedroom and eight two-bedroom units, each with one bath. Many units offer condo-quality finishes such as stainless steel appliances, granite countertops, ceramic tile in kitchens and baths, and hardwood flooring. Most units also have a private balcony off the kitchen. The property includes coin laundry, a bike room, storage lockers, a heated parking garage and outdoor parking spaces.

Jon Morgan, co-founder and managing principal of Interra Realty, said “Deconversions remain popular, as they present investors an opportunity for a quick turnaround to capitalize on rent growth.”

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