ACO Commercial Sells Fractured Elmwood Park Conversion for 102.3% of Ask
Chicago, Illinois – Monday, October 6, 2014
ACO commercial is pleased to announce the sale of 29 of 40 condominium units in Elmwood Park, Illinois. The sale was comprised of 23 1-Bedroom and 6 Studio units, contained in a five-story elevator building. Constructed in 1972, the property was redeveloped in 2006 as a transit-oriented condominium conversion.
George J. Toscas, Executive Vice President arranged the sale on behalf of a regional bank. The sale represented a price of approximately $52,931 per unit, and a capitalization rate of 5.8%. The purchase price was 102.3% of ask, and the closing took place within 90 days of the marketing launch.
ACO Commercial specializes in the sale of commercial and investment real estate throughout the Midwest.