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Friday, September 18, 2020

O’Hare-area condo units to hit bankruptcy auction block

Source: REjournals

NRC Realty & Capital Advisors (NRC) has been retained in United States Bankruptcy Court Northern District Of Illinois as the exclusive real estate broker to sell 185 condominiums in bulk in the Catherine Courts Condominiums complex located in Chicago’s O’Hare corridor.

Catherine Courts Condominiums is comprised of four mid-rise buildings in Chicago, including one seven-story brick building and three five-story brick and masonry buildings constructed in 1970 on an a 11.6 -acre site with 498 total units. The former apartment complex was converted to condominiums in 2005. The bulk units for sale range in size from 410 to 1,190 square feet and consist of 44 studios, 134 one-bedrooms and seven two-bedroom/two-bathroom units, plus 235 deeded parking spots. 163 units are located in the seven-story building. Amenities include an outdoor swimming pool, exercise rooms, sundecks and tennis courts. The buildings are located minutes from O’Hare airport and the CTA Cumberland Blue Line station. A potential opportunity exists to buy 50 or more additional units from individual owners.

Condominiums are being sold through a Section 363 auction sale free and clear of all liens with qualifying bids due on November 13th and an auction on November 20th. Representative units will be available for viewing by appointment only.

“This is a great opportunity to gain immediate rental income and good scale in a large, well-located condominium complex for a potential condo deconversion,” said David Levy, vice president of NRC. “Catherine Courts has been a desirable place to live for decades given it is a short walk to the CTA ‘L’ station serving O’Hare Airport and downtown, and to the I-90 expressway with fast and easy access to the airport, and hospitality and convention venue jobs in the area.”

Information is available from the auction website where interested parties may register for the auction sale, and get access to the NRC Virtual Data Room which will have bid procedures, real estate, rental, condominium, legal and title information on the sale package.

To see a list of convenience stores and gas stations for sale, click here.