For Immediate Release:
ACO Commercial Arranges the Sale of Condominium De-Conversion in Rogers Park for $1 Million
CHICAGO, ILLINOIS – Thursday March 23, 2013- ACO Commercial, is pleased to announce the sale of 7314 N. Winchester Avenue in Chicago’s Rogers Park Neighborhood. The property consists of 20 residential units and was constructed in 1952.
Prior to the sale, the vacant and vandalized property was placed into receivership, secured and reconstituted, under the City of Chicago Troubled Buildings Initiative by Community Initiatives Incorporated. The program implements a 10-year affordability agreement on assets that are sold to facilitate affordable housing stock in the City of Chicago.
George J. Toscas, Executive Vice President of ACO Commercial arranged the sale of the vacant property. The price was approximately $1,000,000. To date, ACO Commercial has arranged the sale of five properties comprising 102 units under the program.
Asset management, including the reconstitution of the project was handled by Condo Program Director, Marie Doladee, of Community Initiatives, Incorporated.
ACO Commercial specializes in the sale of investment real estate throughout the Midwest. Affiliated Chicago Operations, LLC has 21 offices in Illinois with over 1,000 agents.