Chicago & Midwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
50-Unit South Loop Condo Deconversion Hits the Market
Commercial real estate brokerage firm Greenstone Partners has listed Imperial Lofts, a 50-unit condominium property located at 1528 S. Wabash Ave. in Chicago’s South Loop neighborhood, for sale.
Directors Jordan Multack and Malek Abdulsamad are leading the marketing efforts and will guide the Imperial Lofts Condominium Association through the Section 15 deconversion sale.
“Deconverting Imperial Lofts provides investors with the opportunity to add apartment inventory in a stable multifamily market. With 45% of the units already rented, there’s an established renter base for new investors,” said Multack. “The property’s prime location steps from the upcoming 78 mega-development and proximity to both CTA and Metra stations point to a favorable long-term outlook.”
The property features a range of floorplans, from one- to two-bedroom units. Additionally, there is one retail tenant occupying the first floor. “The building is well-maintained and professionally managed by off-site personnel. There are no major capital expenditures needed, which is a unique story for a deconversion,” said Abdulsamad.
