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WE ARE CHICAGO CONDO DE-CONVERSIONS

We assist owners of broken condo associations

Our bulk condo de-conversion model is specifically designed to rescue condo owners from high monthly assessments, bad mortgages and undervalued units. High rental values, combined with increased rental demand and low inventory, have created a situation in which large, multi-unit condo buildings can be converted to apartments, allowing owners to sell their units above value.

SERVICES

In a nutshell, we take condo buildings and de-convert them into apartments. It’s much more complex than it sounds, but we know what we’re doing. And we’re pretty good at it. As far as you’re concerned, we find a rental developer who is looking to buy a large number of units, i.e. your condo building. Because rents are high, they’ll pay a premium for every condo in your building. This puts your association in a position of power to command a better price than if you sold your unit individually. Make sense?

HOW IT WORKS

A shortage of middle-market apartments, coupled with a large supply of modest-valued condominiums, has created a unique situation in Chicago’s real estate market. Rents are high and many condo owners who bought at the top of the market are struggling to get back to the original cost. That’s where Chicago Condo Deconversions comes in.

CCD works closely with the sellers’ condo board to ensure the highest possible offer/price can be gained for every member. We search for potential buyers “Off Market”, meaning we prefer to not list the property on the MLS. This ensures we only speak with qualified, motivated buyers. We work to make this complex process as simple and streamlined as possible.

Our process is best suited for buildings:

  • constructed or converted between 2003–2007
  • facing current, pending or past litigation
  • with rising costs/monthly assessments
  • around 50% or more investor-owned units
  • in attractive rental areas

In order for us to move forward with the sale of your building, we require 75% of condo owners to agree to sell.

We partner closely with you to ensure all concerns are heard and all fears are alleviated.

If you want to stay in your condo after the sale, you can. After all, the buyer will be looking to rent their newly purchased units. You’ll just have more money in the bank.

Obviously, there is more to it than what you’ve read here.
To learn more, just give us a call. We’ll be happy to answer your questions and provide more details about our process.

TEAM LEAD

AARON ZEITNER

Since 2004, Aaron has been active in the real estate industry as an investor and lender. He is also a commercial real estate broker. Aaron looks for unique opportunities within the real estate marketplace and prefers to work on the complex transactions from which others may shy away. The condo de-conversion model is currently his primary area of focus. His passion lies in the ability to fast-forward value for owners of condominiums developments in which the majority of the owners seek a profitable exit.

Aaron has worked alongside some of the biggest names in business, including deals involving the National Football League, Major League Baseball and others in the hospitality industry. Additionally, Aaron actively manages teams within residential and commercial lending and the merchant processing industries. He boasts a client list consisting of some of the most admired companies in Chicago and across the United States.

Aaron also sits on the Board of Directors of Center of Independent Futures, based in Evanston, Illinois. CIF is a nonprofit 503(c) which focuses on helping individuals with special needs and disabilities to live independently.

  • Commercial Real Estate Broker
  • Keller Williams Chicago - Lincoln Park
  • RE# 475.170011

Education: Truman State University Major: Business Administration; Finance

STRAIGHT FROM SOMEONE WE'VE HELPED

Aaron and team at CCD, represented our 55 unit building, at 540-548 Surf Street, in Lakeview. Aaron, proposed the idea, of selling in bulk, and worked with our unit owners, spending countless hours, educating and advising, about the process. Sean and Rich brought multiple buyers, which resulted in 5 offers. After the first round, they successfully negotiated, to successfully sell our building, as a de-conversion, at a 39% premium to market value, for $13.4M. They are a brilliant team, with complementary skills sets. This made the process successful.

- Lenore D.
540-548 W Surf Street
Fmr. Condo Board President