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.“The location of this building, which is currently 82% leased, offers current and future tenants access and views to downtown Chicago and the tightening River North office market”, said Mark Levy, President of Sequoia Realty Group. The site offers ready access to public transportation, restaurants, city views, and beautiful park space just across the street.
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.”
February 26, 2015 | Chicago Real Estate Daily