Thank you for sharing!

Your article was successfully shared with the contacts you provided.
Chi-jhanson-crop (4) “Many homeowners’ associations are realizing that a significant value premium can be achieved through a deconversion sale,” says James Hanson, an Avison Young principal in the firm’s Chicago office.

CHICAGO—The tremendous demand for rental units in many Chicago neighborhoods has led an increasing number of condominium owners to sell their buildings to apartment developers. Over the past 24 months, ending July 15, there have been more than 20 so-called “deconversions” announced in Chicago, according to a new report from Avison Young’s Chicago office. These include buildings ranging from fewer than 10 units to over 300 units, mostly in hot rental markets such as Old Town, Lincoln Park, and the Gold Coast. These properties are generally older buildings constructed from the 1960s through the 1980s.

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 GlobeSt.com now!

  • Free unlimited access to GlobeSt.com'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 ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.