Two Chicago-based investors have put two converted condominium buildings up for sale, according to Crain’s Chicago Business. Marc Realty and Wolcott Group are hoping to defy the current difficult real estate market by selling their 448-unit River City Apartment complex at 800 S. Wells St in the South Loop, as well as a 207-unit Wave Lakeview apartment high rise at 420 W. Belmont Ave., owned by Strategic Properties of North America. Both owners have hired JLL’s Chicago office to market their properties.
These developers are part of a larger group that has taken on condo deconversion projects in recent years due to waning popularity of condos and record high rents for apartments; now they will find out if these conversions were successful investments or not, reported Crain’s .
