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Edgewater Beach Condo Building In Chicago to Be Sold for $27 million


The iconic lakefront Edgewater Beach Condominium will be sold for more than $27 million to New York-based Greenstone Property Group.

Greenstone plans to convert Edgewater’s 188 units into rental apartments.

If the sale is completed, it would be one of the biggest condos-to-apartments conversions seen in Chicago. These “deconversions” are getting more and more popular because of a high demand for apartments in the city.

These kinds of projects enable icondo owners in aging buildings to collectively sell their buildings rather than fund costly repairs.

Says condo board president Shawn Swift: “A lot of the owners are on a fixed income and wouldn’t be able to afford a special assessment like that. Ultimately, I think ownership really made the right decision. We’ve been struggling, and I really didn’t see a path forward as a condo building.”

Looks like the already-hot rental market in Chicago is getting hotter.

Read on HERE:

Consider investing in a professionally managed portfolio of single-family homes? Please contact Harold Willig at harold.willig@springviewinvestments.com or 917-209-4452.

Harold Willig is the Manager of SpringView Investment Management, LLC, which he founded in 2012. Mr. Willig also served as HFZ Capital Group’s Chief Financial Officer and was responsible for the oversight of HFZ's Finance and Accounting team. He has over 16 years of finance and accounting experience.

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