CBRE has facilitated the $44 million condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit value-add property in Chicago. CBRE Vice President Sam Haddadin and Executive Vice President Dan Cohen represented the seller, 21 East Chestnut Condo Association. Strategic Properties of North America purchased the 25-story tower.
Located in the popular Gold Coast neighborhood, the property was built in 1962 and converted to condos in 1979. The building encompasses studios, one- and two-bedroom units. Amenities include a rooftop lounge, a fitness center, storage lockers and a bike room.
The condo tower is less than 2 miles north of the city center, a block north of Chicago Avenue and just west of Michigan Avenue. The immediate area holds various shopping, dining and cultural venues. The location is easily accessible through public transport.
The CBRE team has been active in the Chicago market. Late last year, Cohen was instrumental in the sale of a 195-unit luxury tower in the metro’s River North neighborhood. The brokerage firm worked on behalf of the seller.