chi-KennellySquareaerialcopy (2) This deconversion from condos to rentals reflects a growing trend in Chicago’s multi-family market.

CHICAGO—Avison Young has completed the sale of Kennelly Square, a 268-unit condominium building located in the Old Town neighborhood of Chicago. The buyer, Strategic Properties of North America, plans to convert the units into rental apartments. This strategy reflects a growing trend in Chicago’s multi-family market as investors and developers identify opportunities to meet strong demand for rental units. The purchase price was $78 million.

James Hanson and Richard Hanson, both Avison Young principals, along with Paul Cohen, senior vice president, all represented the Kennelly Square Condominium Association in the sale of the building. The Chicago-based team also oversaw all due diligence activities and worked with the homeowners’ association in the months-long process of presenting the offer to unit owners and securing approval for the sale pursuant to Section 15 of the Illinois Condominium Property Act.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

More from this author



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.