International Real Estate Investors | Chicago, IL – Tampa, FL

Time to sell those rented condos? One investor thinks so

February 26, 2015  | Chicago Real Estate Daily

By Micah Maidenberg

About three years after buying a batch of unsold condos in a distressed River North development, a Florida investor is putting most of them up for sale in a deal that could represent something of a test case for the downtown housing market.

Aventura, Fla.-based Gamla Cedron Group hired a broker to sell 24 of the 34 condos it has been renting out in the 198-unit tower at 757 N. Orleans St. Gamla was one of several investors to buy new unsold downtown condos in bulk after the bust, seizing the opportunity to collect rent amid a strong downtown apartment market.

It is “a good point and time to start thinking about selling and fulfilling some profit,” said Gamla President Shaoul Mishal. “Certainly, the values have gone up and we just feel it across the board.”

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