CHICAGO, IL – May 23, 2019 – CBRE has been retained to list 21 East Chestnut Condominiums, a 168-unit condo property, for deconversion to apartments in Chicago.
CBRE’s Sam Haddadin and Dan Cohen will represent the 21 East Chestnut Condo Association in the sale.
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. Currently, 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 those units to create a total of 168-units.
Located in the heart of Chicago’s popular Gold Coast neighborhood, the property offers many desirable amenities, including a rooftop lounge, sauna, a fitness center, resident storage lockers and a bike room.
“This is a rare opportunity to acquire a value-add rental property in one of Chicago’s most popular neighborhoods,” said CBRE’s Haddadin.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
