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Capital Drops Conversion, Offers Apt Auction

GRAYSLAKE, IL-The company is scrapping plans to convert the remaining 293 units at Grays Pointe to condominiums.

By Gina Kenny | Updated on April 29, 2008

GRAYSLAKE, IL-Capital Acquisitions and Development Inc., based in Palos Hills, IL, has decided to drop its plans to convert and sell as condominiums a multifamily complex at the corner of Route 120 and Route 45, here. The company acquired the 396-unit property, renovated the complex, renamed it Grays Pointe Condominiums and sold approximately 100 of the units as condominiums, says Frank Diliberto, president and CEO of Inland Real Estate Auctions.

Given the housing market slow-down, Capital Acquisitions and Development has decided to auction the remaining units and has hired Inland Real Estate Auctions, based in Oak Brook, IL, to conduct the auction. The sales price for the property “is anybody’s guess at this point” but is likely to sell for somewhere in the “low to high $20 million range,” Diliberto tells GlobeSt.com.

Capital Acquisitions and Development reportedly acquired the property at 1900 Country Dr. for about $38 million in 2005. The 396-unit complex was constructed in 1987 and includes 297 two-bedroom units and 99 one-bedroom units. “You have a good amount of units. The size of it is pretty ideal,” Diliberto says. The size of the units ranges from 700 sf to nearly 1,000 sf. The company sold 103 of the units with sales prices ranging from $107,000 and $157,000.

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