Owners of Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Road, approved the sale of the building for $31.5 million, or about $205,000 per unit, reported Crain’s Chicago Business.
The 28-story condominium tower in Edgewater was developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s. Granville Tower hit the market for a deconversion deal earlier this year after the condo board put the property up for sale.
Becovic plans to return it back to its original state as a rental property. The sale of Granville Tower passed with the approval of 86% of ownership and 7.2% voting no, said Andy Friedman, director at Kiser Group, the Chicago-based brokerage that arranged the sale.
Becovic said he expects to spend roughly $4.6 million — or $30,000 per unit — on capital improvements at Granville Tower, including new amenities and hallway renovations, per Crains.
Becovic to Buy Edgewater Condo Tower for $32M
Becovic to Buy Edgewater Condo Tower for $32M
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Owners of Granville Tower, a 154-unit high-rise at 6166 N. Sheridan Road, approved the sale of the building for $31.5 million, or about $205,000 per unit, reported Crain’s Chicago Business.
The 28-story condominium tower in Edgewater was developed as an apartment building in the mid-1960s and converted to condominiums in the early 1980s. Granville Tower hit the market for a deconversion deal earlier this year after the condo board put the property up for sale.
Becovic plans to return it back to its original state as a rental property. The sale of Granville Tower passed with the approval of 86% of ownership and 7.2% voting no, said Andy Friedman, director at Kiser Group, the Chicago-based brokerage that arranged the sale.
Becovic said he expects to spend roughly $4.6 million — or $30,000 per unit — on capital improvements at Granville Tower, including new amenities and hallway renovations, per Crains.
Photo courtesy of Kiser Group.
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