Condo building near Wrigley Field sells – Chicago Business Journal

Six months after a condominium building near Wrigley Field that’s slated for deconversion went up for sale, a local investor has bought it for $4.9 million.

Although the Fredona Condominium Association sold the 16-unit building located at 815–17 W. Addison St. for less than its $5.5 million asking price, Andy Friedman with Kiser Group said multifamily buildings in Lakeview are still in high demand from investors.

“Lakeview is a well-established core neighborhood of Chicago and is always in high demand from renters. And because of this, buyers can expect reliable yearly returns from the neighborhood,” said Friedman, who represented the seller along with colleague Jake Parker. “The deconversion sale was appealing to the condominium association because the building was nearly all rental units, and they received a premium to individual unit prices.”

Parker added the building is 100% occupied with eight two-bed/two-bath units and eight two-bed/one-bath units.

“Each unit was modernized and gut-renovated in the mid-2000s (to include individual HVACs, hot water tanks and an in-unit washer and dryer) when the property was converted from apartments to condominiums,” said Parker, who added the sale closed Wednesday.

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