CHICAGO — Kiser Group has brokered the condominium deconversion sale of 3825 N. Pine Grove in Chicago’s Lakeview neighborhood. The seller, the 3825 N. Pine Grove Condominium Association, received $18.3 million in the transaction. The buyer was not disclosed. According to CoStar, this is only the third building of 90 or more units that has been traded in Lakeview in the last five years.
The property is home to 94 units featuring both studio and two-bedroom layouts and 54 parking spaces. At the time of sale, 90 percent of the units were investor-owned rental units and 10 percent were owner-occupied. Andy Friedman and Jake Parker of the locally based Kiser Group brokered the transaction.
Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.