CBRE completes $44M sale of 163-unit condo deconversion in Chicago

CBRE has completed the condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit condo property in Chicago’s Gold Coast neighborhood. The asset traded for $44 million to Strategic Properties of North America.

CBRE’s Sam Haddadin and Dan Cohen represented the 21 East Chestnut Condo Association in the sale.

Built in 1962 and converted to condos in 1979, the 25-story multifamily tower offers a mix of studio, one-bedroom and two-bedroom units. Currently, the property offers 163 units, with 79 studios, 79 one-bedroom/one-bath units and five two-bedroom/two-bath units. The two-bedroom units are combined studio and one-bedroom units. Investors have the option of splitting those units to create a total of 168-units.

Located in the heart of Chicago’s popular Gold Coast neighborhood, the property offers many desirable amenities, including a rooftop lounge, sauna, a fitness center, resident storage lockers and a bike room. “There was a great deal of buyer interest in this offering and the owners overwhelmingly voted in support of the deconversion sale,” said Haddadin. “Owners were able to receive a much higher value for their units by selling together as an association, and, new ownership now has an amazing new rental property in a premier Chicago neighborhood.”