Owners of Granville Tower, a 154-unit high-rise located at 6166 N. Sheridan Road in Edgewater, recently approved the sale of the building for $31.5 million – equating to approximately $205,000 per unit – as reported by Crain’s Chicago Business.
Originally developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s, Granville Tower was put up for sale earlier this year after its condo board decided on a deconversion deal. Becovic plans to return it back to its original state as a rental property with 86% approval from ownership and 7.2% voting no according Kiser Group director Andy Friedman who arranged the sale transaction . Becovic also stated that he expects roughly $4.6 million – or about $30,000 per unit – will be spent on capital improvements such as new amenities and hallway renovations at Granville Tower .
Photo courtesy of Kiser Group
