Multifamily N Illinois

Gold Coast condo building seeks deconversion buyer

CBRE retained as 168-unit North Side condo building seeks deconversion buyer,ph1

CBRE has been retained to list 21 East Chestnut Condominiums, a 163-unit condo property in Chicago, for deconversion to apartments. 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.

CBRE’s Sam Haddadin and Dan Cohen will represent the 21 East Chestnut Condo Association in the sale. “This is a rare opportunity to acquire a value-add rental property in one of Chicago’s most popular neighborhoods,” said Haddadin.

Located in Chicago’s Gold Coast neighborhood, the property features 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. Building amenities include a rooftop lounge, sauna, a fitness center, resident storage lockers and a bike room.