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VennPoint pays $19M for suburban condo complex in latest deconversion
The 235-unit Darlington Court property will go from condo to rental
UPDATE, Aug. 11, 10:15 a.m.: VennPoint Real Estate bought the Darlington Court condominium complex in Crystal Lake for $19 million, with plans for the latest Chicago-area condo deconversion.
The Chicago-based firm will convert the 235-unit property into apartments, according to VennPoint’s Jake Gantz.
The Darlington Court complex was more than 90 percent tenant occupied, Gantz said, and all of the residents were given the opportunity to stay on as renters.
Gantz said the complex also had “significant” deferred maintenance issues, a common factor in many deconversions.
VennPoint has completed other deconversions, including the recent purchase of an 80-unit condo complex in Chicago’s Edgewater neighborhood for $13.4 million.
The firm has been involved in retail, multifamily and mixed-use projects around the Chicago area, including a role in the redevelopment of the massive former Motorola Solutions campus in Schaumburg. That site recently landed a Topgolf entertainment center as its first tenant.
This article has been updated to clarify that most Darlington Court units were tenant-occupied.