Review History for anonymous

Park Avenue Apartments


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anonymous

Resident 2005 - 2019

12/27/2019

It is an excellent location, close to train, shopping, and excellent schools. HOWEVER, it is important to know the building - a conversion some time ago from apartments to condos - is now being marketed to developers to turn back into apartments. Park Avenue Condos earliest investors were a group of family and friends and consequently, some own multiple (over 5, some 7 and 9) units, which possibly skewed the vote in mid-2019. Some owners were not in favor of selling - especially retirees, those on limited incomes and others challenged to find as good a comparable and affordable location elsewhere. Renters were assured their leases would be honored, but at expiration, they would have to renegotiate with whoever bought the building. (12/2019) This condo deconversion is also happening in Chicago and has caused legislation there. In the fall of 2019, the Chicago City Council raised the approval-of-sale vote of owners from 75% to 85%. Additionally, it is working to limit the total number of units for a single owner to two.

    Review 4 out of 19

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    Park Avenue Apartments

    March 2024

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