Monarch Brokers 80-Unit Condo Deconversion in Edgewater
EDGEWATER – Monarch Realty Partners completed the sale of an 80-unit condominium building in Chicago’s thriving Edgewater neighborhood for $13,375,000. The buyer plans to convert the property back to a rental building and hold it as an investment property.
Michael Anguiano, Bill Baumann, and Brian Semel of Monarch Realty Partners brokered the transaction. “While getting eighty individual owners and a buyer to the closing table is never easy, we were pleased to complete this transaction without any formal objections from owners. In fact, on average owners received a 32% premium compared to sales prices in the building over the last two years”.
Originally built as an apartment building in 1969, it was converted into condominiums in 2000. Known as the Cambridge Commons Condominiums, it consisted of 64 one bedroom and 16 studio apartments, along with 54 parking spaces. Just 3 blocks away from Lake Michigan, Cambridge Commons is in close proximity to vibrant restaurants and shops along Broadway and Bryn Mawr in the historic Edgewater District.
Monarch Realty Partners
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