Suburban Deconversion Sale
Built in 1998, the property consists of 21 two-story buildings as well as a clubhouse and 26 garage parking spaces. Facing significant special assessments due to deferred maintenance needs, 33 successfully compelled over 75% of owners to agree to the sale thereby meeting the threshold required by the IL Condo Act. Buyer tours were held in the midst of the pandemic limiting the access we could grant to prospective buyers. To further complicate matters, many owners were unwilling to vacate upon sale.
After receiving 6 qualifying offers, the board ended up selecting a buyer willing to pay $25,010,000, which represented a 20% premium over the values at which individual condos have sold for in the past 2 years. On top of the sales price premium, the sellers avoided paying a special assessment to replace the roofs on 22 buildings, owner occupants received below market rent rates and favorable terms, and the sellers were able to retain the association reserve funds.