Local Investors Help Suburban Condo Market Rise Again
- Oct 21, 2011
Despite the rather gloomy condo market, Greg Moyer of Skokie-based Moyer Properties LLC teamed up with local investors David Nankin and Jeffrey Annenberg to acquire a 154-unit Buffalo Grove condominium project for nearly $12 million, reports ChicagoRealEstateDaily.com.
BMO Harris Bank had taken ownership of the Buffalo Creek Apartments at 70 S. Buffalo Grove Road in 2009, when former owner Marcin Malarz failed to convert the units into condos. The joint venture purchased 148 unsold condos for $10.7 million. In addition, the partnership paid BMO Harris Bank $730,000 for six condos that had been sold by the developer before the foreclosure. Susan Lawson from the Chicago branch of Apartment Realty Advisors assisted BMO during the transaction, says ChicagoReaEstateDaily.com. The new owners will spend $1.8 million to renovate the condo building.
Meanwhile, in downtown Algonquin a mixed-used development consisting of 54 condos and retail space is heading toward completion. According to the Chicago Tribune, real estate development company Riverside Plaza Developers LLC estimates that the first housing units, which will range from 1,067 square feet to 1,898 square feet, will be completed as early as spring 2012. The development will also include a fitness center, a club room for private parties and storage room for bicycles. The condos have two bedrooms and two or two-and-a-half baths with ceramic or marble tiles. Other amenities include hardwood floors in the living areas, contemporary Italian cabinetry and quartz countertops in the kitchens. The sales price will start at $234,740.
Illustration Courtesy of Google Maps