Located in Cook County, Illinois, the Terrace of Elk Grove Village Condominium Associations were sold on January 31, 2022.
Sold for $55,750,000, this transaction encompassed the Terrace of Elk Grove Village Master Association and eight condominium buildings, including:
- 902 Ridge Square Condominium Association
- 904 Ridge Square Condominium Association
- 906 Ridge Square Condominium Association
- 912 Ridge Square Condominium Association
- 914 Ridge Square Condominium Association
- 918 Ridge Square Condominium Association
- 920 Ridge Square Condominium Association
- 924 Ridge Square Condominium Association
During this current real estate boom and coronavirus pandemic, KSN successfully navigated this complex transaction that included:
- 427 total residential units within the eight condominium associations
- A clubhouse
- A pool house
- An entire campus of land
The sale of all units, commonly known as a deconversion, was approved by a vote of the unit owners under Section 15 of the Illinois Condominium Property Act. Approval of this transaction required approval by 75% of the ownership.
KSN attorney Kelly Elmore: “Among the many deconversions KSN has completed, this was very unique. The process took several years with multiple interested buyers. Additionally, there were a large number of units still owned by the original developer. The sale of all units involved eight separate condo associations and a master association. Each association had its own contract. Each required a separate vote and approval.”
KSN attorney Omar Malik: “Previously, our law firm had successfully deconverted three separate condominium associations and a master association at one time. For Terrace of Elk Grove, all eight associations closed at once and on the same date. Each transaction was complex, requiring a great deal of organization, due diligence, and planning.”
Legal Resource
KSN’s full-service Condo Deconversion department is dedicated to navigating the entire Section 15 sales process including legal guidance and administrative support.
As of January 2022, KSN attorneys have closed over seventy condominium deconversions, including:
- Field Harbor Parking Condominium Association – 407 individually deeded parking spaces in Chicago’s Lakeshore East area in October 2021
- Heritage Village Pointe – a Des Plaines, IL condominium association with 924 units, sold in February 2021 for $94 million
- 663 W. Grace Street Condominium Association – a Chicago, IL condominium association located in the Lakeview neighborhood with 80 units, closed in April 2021
- Deerfield Gardens Condominium Association – a Lake County, IL condominium association with 36 units, closed in July 2020
- 1400 N. Lake Shore Drive – a downtown Chicago condominium association with 391 units, sold in November 2019 for $107 million
- River City Condominium Association – a downtown high rise-condominium association with 449 units, closed in December 2018
- Flats on LaSalle – a downtown condominium association with 250 units, closed in December 2018
- Surfside Condominium Association – a high-rise association located on N. Sheridan with 188 units, closed in December 2018
- Century Tower – a downtown high-rise condominium association located in The Loop with 296 units, closed in February 2018
- 625 Wrightwood – a Lincoln Park condominium association with 98 units (residential and parking), closed in January 2017
- Clifton Village – a Northside Chicago condominium association with 38 residential units, closed in August 2017
- Loyolton – a Northside Chicago condominium association with 42 residential units, closed in December 2017
- 2625 N. Clark Street – a Northside Chicago condominium association with 272 units (residential and parking), closed in November 2016
If your condominium association has been approached by an interested buyer, your association is in the middle of a potential sale or de-conversion, or you are a buyer interested in converting income property into condominiums, please contact KSN to discuss your legal needs. Please visit www.ksnlaw.com or call 1-855-537-0500.
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