By: Dennis Rodkin
Real estate investor Wolcott Group LLC paid $3.8 million for 19 distressed condominiums in an Irving Park development, most of which are rented. The block Wolcott bought includes 17 residential units — eight two-bedrooms and nine three-bedrooms — and two commercial spaces, said Bill Baumann, senior managing broker for Chicago-based apartment broker Kiser Group, which represented the buyer and seller in the transaction. Seller FirstMerit Bank began foreclosure proceedings on the builder, J&J Builder LLC, in October 2010, according to the Cook County Recorder of Deeds, and received title in March to the property, 4141 N. Kedzie Ave. The block of condos was on the market just 18 days, Mr. Baumann said. He said the swiftness of the sale reflected the short supply of such offerings, down from 2012, when there would have been “dozens of other offerings like this” available at the same time. The 24-unit building was completed in 2008. Mr. Baumann said he did not know whether the residential units would continue as rentals or be offered for sale as condominiums. A Wolcott executive declined to comment.
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