图片来源：https://therealdeal.com/chicago/2023/04/24/marc-spna-try-cashing-out-after-pouring-147m-combined-into-condo-deconversions/
(New York, April 24th, 2023) – Marc Spena, a well-known real estate developer, is attempting to cash out after investing $147 million into condo deconversions in the Chicago area.
Spena, who is the founder and CEO of MNS Development, has been involved in the deconversion trend that has been gaining momentum in recent years. In a condo deconversion, the individual units in a building are bought up and converted into rental apartments or sold as a whole to a single owner.
Spena’s primary focus has been on the acquisition and deconversion of older, large-scale Chicago buildings that are in need of extensive renovations. His strategy has been to purchase these properties and then rent them out as high-end, luxury apartments.
Spena’s real estate portfolio includes a number of prominent Chicago properties, such as the Century Building, which he purchased for $17 million in 2021. The Century, located on Wacker Drive in the heart of downtown Chicago, is a prime example of Spena’s strategy of buying older, struggling buildings and transforming them into high-end rentals.
Another notable property in Spena’s portfolio is the former Columbus Hospital, which he purchased for $49 million in 2020. The building, located in the city’s Humboldt Park neighborhood, was converted into 253 luxury apartments.
Despite the success of his investments, Spena is now looking to cash out and move on to other projects. He has listed two of his properties on the market: the Century Building and the former Lawson YMCA.
Spena’s decision to sell his properties comes as little surprise to industry experts, who have noted that the deconversion trend may have peaked. The rising cost of building materials and labor, along with an oversupply of rental properties, has made it more difficult to turn a profit on these types of investments.
According to a recent report by real estate research firm Urban Analytics, the market for deconversions is expected to cool off in the coming years. The report notes that the number of deconversions completed in Chicago in 2022 was down 25% from the previous year.
Despite the potential challenges ahead, Spena remains optimistic about the future of real estate in Chicago. He has already begun scouting new investment opportunities in other markets, and is confident that he can continue to find success in the industry.
For now, however, Spena’s focus remains on the sale of his two Chicago properties. With their prime locations and high-end finishes, both the Century Building and the former Lawson YMCA are expected to attract strong interest from investors looking to capitalize on the city’s hot real estate market.
