Kiser Group’s Andy Friedman and Jake Parker successfully closed the sale of The Granville Tower Condominium Association for $31.5 million. Located near Loyola campus, the property was purchased by Becovic Management Group.
According to Friedman, there has been a steady flow of deals in condominium deconversions. Originally converted from apartments in 1981, Granville Tower features 56 two-bedroom units and 98 one-bedroom units that are all duplexes.
Parker added that while the condominium market in the area is strong, properties like Granville Tower with high dues and upcoming maintenance needs face challenges when it comes to resale. This made a deconversion sale an attractive option for investors. In fact, Becovic’s winning offer represented a significant premium above fair market value without any contingencies related to due diligence or financing.
This recent transaction showcases Kiser Group’s expertise in navigating successful condo deconversions amidst a competitive real estate market.
