Bel-Harbour Condo Association, represented by CBRE, in a bulk sale of 207 units for $51.5 million, according to CBRE.
The condos are located at 420 W. Belmont Ave. in Chicago and Strategic Properties of North America was the buyer.
John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller in the transaction.
“This is the larges condo deconversion transaction we have seen in Chicago in a long time,” said Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. you can’t build a rental building of this size at this location.”
Bel-Harbour is a 30-story property in Chicago’s Lake View neighborhood on the North Side. The residences include studios, one- and two-bedrooms. Amenities include a heated indoor pool, a sun deck and on-site maintenance and management.