Skiritai Real Estate Investments paid $8.2 million for a 34-unit building in Buena Park in the latest condo deconversion in the city.
Interra Realty’s Joe Smazal brokered the deal that will turn the condo building at 744 West Gordon Terrace into apartments, according to RE Journals. While Smazal did not identify the buyer, Cook County records filed after the deal show it is Skiritai.
The price breaks down to $241,176 per unit, which will net owners a 50 percent higher price than the recent average individual condo sales in the area.
The deal is the latest in a growing trend of condo deconversions. Interra Realty has been a fixture of the market, helping to close at least eight recent deconversion deals around the city worth more than $90 million.
Recently, VennPoint Real Estate bought an 80-unit Edgewater condo building for $13.4 million with plans to turn it into apartments.
The city’s most expensive condo deconversion was recorded in early August, when ESG Kullen bought a 391-unit tower on North Lake Shore Drive for $112 million. [RE Journals] — Joe Ward