VennPoint pays $19M for suburban condo complex in latest deconversion

The 235-unit Darlington Court property will go from condo to rental

TRD CHICAGO /
Sep.September 10, 2018 03:00 PM

From left: Nick Marietti, Eric Becker, and Rob Palley of VennPoint Real Estate

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.


Related Articles

arrow_forward_ios
PepsiCo CEO Ramon Laguarta and WeWork CEO Adam Neumann with the Old Post Office (Credit: Getty Images)

Space race: WeWork, PepsiCo may take a combined 320K sf at 601W Companies’ Old Post Office

The top five most active multifamily general contracting firms were approved to build 3.7 million square feet of residential development over the last year.

These are the top multifamily general contractors in Chicago

John Buck and Morgan Stanley want big payday for “Big Red,” former city development chief joins Clayco: Daily digest

500 Fulton Market apartment units planned, local construction industry struggles to find workers: Daily digest

Chicago casino operator probably won’t make much money, Tishman Speyer poaches JLL broker: Daily digest

Chicago’s most complex — and most expensive — condo deconversion deal hits another snag

J. Michael Drew of Structured Development and 1457 North Halsted Street (Credit: Google Maps)

Structured Development sells New City rental complex for under asking amid strong rental market

Homes in Chicago's Archer Heights neighborhood (Credit: iStock)

Chicago Cheat Sheet: Chicago home value growth hits 3-year low, another suburban corporate exodus…& more

arrow_forward_ios