Strategic Properties Of North America Acquires Property In Chicago For $51.5 Million

The property involved in this transaction is a 207-unit condominium located at 420 W Belmont Ave, Chicago, IL, 60657. The sale price for the property was $51,500,000.00. The building is a 30-story structure situated in the Lakeview neighborhood and features a combination of studio, one-bedroom, and two-bedroom units. The amenities available at the property include a heated indoor pool, sun deck, and on-site maintenance and management services.

Summary of transaction details:

• Property Type: Condominium
• Transaction Amount: $51,500,000.00
• Address: 420 W Belmont Ave, Chicago, IL, 60657
• Market: Chicago
• Seller’s Representative: M J Zaring (CBRE), Daniel (Dan) Cohen, John Jaeger (CBRE)
• Buyer: Strategic Properties of North America

This transaction is noted as the largest condo deconversion transaction seen in Chicago for an extended period. John Jaeger, Dan Cohen, and MJ Zaring from CBRE represented the seller, Bel-Harbour Condo Association. The unit owners had the ability to elect to sell the condominium property under the Condominium Property Act in Illinois upon agreement of 75 percent or more of the owners.