Sterling Conversion Pays Off From Get-Go

CHICAGO-While recessionary clouds darkened on the Downtown multifamily, both condominium and rental, American Invsco was making an $89-million bet against the field by closing on a 389-unit building at 345 N. LaSalle St. Although constructed as a rental building, the condominium pioneers quickly converted the units, selling 109 for a combined $51.5 million in its first four days of ownership.

The Sterling is now 50% sold, with another 10% of the units under contract, says Sharon Rizzo, American Invsco’s sales manager for new construction. She told Chicago Real Estate Council groups Wednesday the company hopes to sell out the project by the end of 2002.

The Downtown condominium market ended 2001 with 4,173 unsold units, Appraisal Research Counselors vice president Gail L. Lissner, SRA reported last month, when she also noted a first-quarter uptick in traffic at sales offices.