Strategic Properties Of North America Acquires Chicago Property From Seller Represented By Dan Cohen

21 East Chestnut Condominiums, located at 21 E Chestnut St, Chicago, IL, 60611, is a multifamily property comprising 163 units, which includes a mix of 79 studios, 79 one-bedroom/one-bath units, and five two-bedroom/two-bath units. The property was sold for $44 million and spans a total of 0 square feet. Built in 1962 and converted into condominiums in 1979, this 25-story tower is situated in Chicago’s Gold Coast neighborhood, featuring several amenities such as a rooftop lounge, sauna, fitness center, resident storage lockers, and a bike room.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $44,000,000.00
• Address: 21 E Chestnut St, Chicago, IL, 60611
• Market: Chicago
• Seller's Representative: Daniel "Dan" Cohen, Devlin Man-NKF Capital Markets
• Buyer: Strategic Properties of North America

CBRE’s Sam Haddadin and Dan Cohen represented the 21 East Chestnut Condo Association in the transaction. The deconversion sale had significant interest from buyers, and the owners voted overwhelmingly in support of the sale, which allowed them to achieve higher values for their units as part of an association rather than individually.