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Key Points
Horizon Realty Group sold the Pelouze Building for $9.75 million after preparing it for an office-to-residential conversion.
Wildwood Investments, led by Matt Katsaros, acquired the building and plans to proceed with converting the 65,000-square-foot structure into 72 apartments.
The sale highlights the strong demand for multifamily conversions in Chicago, driven by the city's outperforming apartment market and the challenges of new construction financing.