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Condos Going Rental and Back Again: The Mondial and the Marquee

  • April 11, 2011

by Jacqueline Zenn

Marquee Chicago
The Marquee

In the current real estate market, it is not surprising to hear of condo buildings converting to rentals. After all, the demand for apartments in Chicago is growing while the real estate market is remains a little gloomy.

The Marquee in the South Loop, however, is a building that actually went from condos to rentals and back again. Located at 1454 South Michigan Avenue (map), this 20-story building was completed in 2008 and approximately 85 percent of the units were sold before developer Sedgwick Properties decided to rent out the remaining units. But now that those leases are beginning to expire, the units are being put back on the market, listed at prices ranging $199,900 to $399,900. Rents at the Marquee started at $1,495 per month for a one-bedroom and topped out at $4,700 for a three-bedroom unit.

Mondial Chicago
The Mondial

A little further north in the River West, Mondial at 900 West Huron Street (map) has taken a wild ride between condos and rentals. Originally planned as a condo building prior to its completion in 2009, developer Jack Berger attempted to convert to rentals when it failed to sell as expected. However, financing fell through and the Mondial became a condo building yet again until recently, when Waterton Residential purchased the 124 remaining units in the development for $31 million. As the linked article notes, the sales prices for the remaining condos averages out to about $250,000 per unit, which is a higher price point than many of the condos were listed for when we last wrote about them in February. Nevertheless, Waterton’s plan is to convert them to apartments, and to use the larger unit sizes and condo-quality finishes as a differentiating factor in an ever-crowded rental market.

See other articles related to: renting, condos, condo conversions, apartments

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