Kiser Group, Chicago's leading multifamily brokerage firm, has advised on the $32.3 million sale of The Barry Quad, a three-building, 115-unit condo deconversion in the Lakeview neighborhood of Chicago. Kiser Group Advisors Andrew Friedman and Jake Parker represented both the seller, Barry Quadrangle Condominium Association, and buyer, North Park Ventures, in the transaction.
"North Park Ventures is very pleased with the acquisition of Barry Quad, furthering our investment in multifamily in the north side of Chicago," said Robert Sekula, Managing Partner, North Park Ventures. "We continue to believe there is great value to realize in the various neighborhoods of Chicago and have worked tirelessly with all parties involved to bring this deal across the finish line."
Located on the 800 block of West Barry Street, the 115-units are spread across three buildings. 835-855 W. Barry, originally two distinct courtyard buildings containing 69 units, were fused together in the 1981 conversion with a pool, fitness room, party room, and sundeck in the middle. 856-864 W. Barry is a 34-unit courtyard building, and 850-852 W. Barry is a 12-unit vintage walk-up building. The Barry Quad sale represents only the second vintage walk-up property of 100 units or more to trade in Lakeview in the last decade.
"With three buildings, 115 units and 113 separate owners, the Barry Quad deconversion sale was a huge undertaking. Each building has its own distinct heating and cooling systems and differing amenities. Further complicating the effort, each individual unit had been customized since the 1984 conversion, leading to zero uniformity of unit finish levels. Pre-sale valuation and buyer due diligence were quite involved processes that required multiple property visits and coordination with owners. The closing process itself was its own undertaking, and we applaud seller attorneys Omar Malik and Ryan Shpritz from KSN Law and buyer attorneys Chad Poznansky and Danny Borek from Clark Hill for getting it across the finish line," said Friedman.
"Our Association began the effort to sell in a deconversion five years ago The process spanned a half dozen brokers, countless starts and stops and one global pandemic. In the end, it was Andy, Jake and the team from Kiser Group that was able to get this done. They earned the trust of our Association, which is what kept this deal alive. They attended countless board meetings, answered every email, phone call and negotiated a deal that benefits everyone. There's no doubt in my mind they were the only brokers who could have gotten this done," said John Tenfelder, Barry Quadrangle Condominium Association President.
"Our team has a strong track record with closing condo deconversions ranging in size and location throughout Chicago," said Parker. "Barry Quad had been attempting to sell in a deconversion since 2016, through both on-market listings and off-market efforts. This particular sale was one week from closing contingencies in March of 2020, when financing was lost due to the pandemic. Sheer determination from North Park Ventures and continual communication with the entire Association allowed the deal to stay alive and ultimately close. "
Notable Kiser Group Condo Deconversion Sales Include:
1140 N. LaSalle, a 250-unit condo deconversion in the Gold Coast that sold for $38,000,000.
4601 N. Dover, a 64-unit condo deconversion in Sheridan Park that sold for $12,500,000.
Regency Terrace Condominiums, a 56 unit condo deconversion in Oak Park that sold for $8,885,000.
512 W. Wrightwood, a 20-unit condo deconversion in Lincoln Park that sold for $4,550,000.
"Condominium deconversion sales are alive and well in Chicago. While the type, size, and locations of buildings deconverting will differ from year to year, there still remains a meaningful value proposition for both unit owners and buyers. We do not see the end of this trend happening anytime soon," said Friedman.