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Clarence
Court Condominiums, Oak Park, IL
- Purchased
a 26-unit apartment building in July 2001 for $83 per square foot
- Increased
rents from $700 per month to $1300 per month
- Converted
the building to condos in 2002
- Sold 24 units
by Sept 2002
- Only two
units remain, scheduled to close December 2002
- Average condo
sale price of $133,000, or $178 per square foot
- Obtained
some of the highest sales prices in the city at over $200 per
square foot (without parking) on completely renovated units
- Realized
IRR of 88%
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