The Real Deal Logo

Trending

New York attorney pleads guilty to $19M real estate Ponzi schemeNew York attorney pleads guilty to $19M real estate Ponzi schemeDeveloper buys 137 acres of land in Connecticut for housing, commercial buildingsDeveloper buys 137 acres of land in Connecticut for housing, commercial buildingsChurchill loses office building near Penn Station to foreclosureChurchill loses office building near Penn Station to foreclosureElliman, top agents named in Section 8 discrimination suitElliman, top agents named in Section 8 discrimination suit
Residential
Chicago

North Park Ventures to convert Lakeview condo building into rentals

The firm is also developing a 22-unit building next door

3264 N Clark Street (Credit: North Park Ventures)
3264 N Clark Street (Credit: North Park Ventures)

North Park Ventures plans to convert a Clark Street condominium building into rentals and build another 22-unit residence on the parking lot next door.

Last month, the company bought the property at 3264 North Clark Street in Lakeview for $13.7 million after the building owner’s association decided to sell all 30 condos together, according to Crain’s. The sale also included six first-floor retail spaces and the parking lot.

Now, the company is rehabbing all of the units and developing a five-story apartment building on the parking lot. The original building will retain its classic look, while the new building will feature a contemporary look designed by architects Studio Dwell.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Rob Sekula, a partner in North Park, told Crain’s that monthly rents in the two buildings will run from $1,800 for a 600-square foot one-bedroom to $3,200 for a 1,200-square-foot three-bedroom. Leasing of the original building will start this month, with the new complex expected to be completed in Summer 2019.

[Crain’s]  — John O’Brien