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Conversion Inversion

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Crain's is reporting that 130 units in a pair of Lakeview towers have been bought by Dallas-based developer Matt Coit for $13M. The units were remnants of the derailed condo conversion of 2930 and 3033 N Sheridan and had sat vacant through bid after bid. At $100,000 per unit (down from $175,000 per in 2006), the price was right. While the possibility exists for a renewed condo push, rental is the name of the game right now— less investment and greater payoff. [Crain's]