Yesterday we reported on the Urban Real Estate blog that the downtown apartment boom shows no signs of abating after a five-year streak. Today, more apartment news as developers tackle a reverse condominium conversion in Lincoln Park.
Crain's is reporting today that the Laramar Group, LLC paid $7 million to 23 owners of a condo building near DePaul and is planning to convert the building to rental apartments.
The 19th century building, at 2221 N. Clifton, has a total of 24 units.
Ben Slad, with Laramar, said that this reverse conversion isn't part of a new or on-going strategy but that the "A-Plus" location of this building made it an opportunity they couldn't pass up.
Read more here.
