Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Condo Owners Tap CBRE to Market Gold Coast Tower
CBRE has been retained to list 21 East Chestnut Condominiums, a 168-unit condo Gold Coast property, for deconversion to apartments. The firm’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.
Built in 1962 and converted to condos in 1979, the 25-story tower offers a mix of studio, one-bedroom and two-bedroom units. As it’s currently configured, the property offers 163 units, with 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 them for a total of 168 units.
Citing CBRE data, Crain’s Chicago Business reported that the property’s new ownership could charge an average monthly rent of $1,779, or $2.83 per square foot, after deconversion.
The Connect Apartments Conference will take place June 20, 2019 in Los Angeles. For more information, or to register, click here.
Get Chicago News in 150 WordsFor comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
