Chicago & Midwest + Downtown + Office | June 16, 2023

Company Unloads Property Following Failed Housing Deal

Within less than two weeks of Strategic Properties having a $190 million housing deal killed following its multiple failures to close, one of Chicago’s most active condo “deconversion” companies is selling one of its 22-story luxury properties.

The move comes on the heels of Strategic pulling out of a $190 million deal, which would have been the priciest deconversion in Chicago history for the 51-story, 467-unit building in River North. That ill-fated deal was delayed several times due to financing issues. Strategic ultimately refused to put up more cash as demanded by the condo’s board, and the sale was terminated.

Strategic has now listed the 267-unit K Square apartments in Kennelly Square at 1749 North Wells Street, a property the firm turned into rentals after a bulk condo buyout in 2018. CBRE’s John Jaeger and Justin Puppi have been hired to market the property.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.

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