Kiser Group, Chicago's leading multifamily brokerage firm, advised on the $1,773,000 Section 15 deconversion sale of 4944 N. Harding in the Albany Park neighborhood of Chicago. Kiser Group Advisors Andy Friedman and Jake Parker represented both the seller, 4944-46 N. Harding Condominium Association, and buyer, Block & Key, in the transaction.
“We couldn’t be happier with the N. Harding property. It represents the perfect opportunity for investment in the Albany Park neighborhood, and the transaction process went smoothly thanks to the Kiser Group team,” said Sam Block, President of Block & Key. "Chicago is a great urban market for multifamily property, which means it will continue to be a highly sought-after destination for renters and owners alike. We’re excited to add this property to our portfolio as an asset in the neighborhood for years to come.”
4944 N. Harding features 13 total units- 11 two-bedroom/one-bath units and two three-bedroom/two-bath units. The L-shaped walk-up building was converted to condominiums in 2005, during which time the entire property was gut renovated with new copper plumbing and an 800-amp electrical service. All units have individual furnaces and central A/C, as well as in-unit laundry and high-end finishes, including granite countertops and stainless steel appliances.
“As northside brokers, we have seen growing interest for Albany Park properties over the years and this deal marks the second deconversion we’ve closed on Harding in the past year,” said Parker. “Albany Park’s multifamily market continues to see upward movement in rent due to its easy access to transportations, a built-in student renter base and numerous parks.”
"Condominium deconversion sales continue to thrive in Chicago. While the type, size, and locations of buildings deconverting will differ year to year, there remains in each sale a meaningful value proposition for both unit owners and buyers. We do not see an end to this trend anytime soon," said Friedman.
"Andy, Jake and the whole Kiser Group team did a great job stewarding our association through this process,” said Scott Schlemmel, Board Member of 4944-46 N. Harding Condominium Association. “With condo deconversion sales happening more and more these days, we knew we wanted a team with the experience and core values to help us do the best for our owners and the buildings’ future residents.”
Kiser Group Advisors Friedman and Parker have a strong track record with closing condo deconversions ranging in size and location throughout Chicago. Other notable Kiser Group condo deconversions sales include:
The Barry Quad, a 115-unit condo deconversion in Lakeview that sold for $32,300,000.
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.