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hicago-based investor Andrzej Karwowski acquired the nine-story Oliver complex at 1140 North LaSalle Drive from ESG Kullen for $31.5 million, or $126,000 per unit. The sale was backed by over $24 million in financing from JPMorgan Chase Bank and comes after ESG spent an undisclosed amount on renovations to convert the building into rental apartments. Despite adding modern amenities, the property sold 17% below its original purchase price of $38 million in December 2018. This highlights the financial risks involved in condo deconversions, which require approval from 85% of unit owners and have enabled Chicago developers to capitalize on the city's growing rental market. A successful example is a 188-unit building sold for $43 million in 2021, far exceeding its acquisition and renovation costs.