CHICAGO — CBRE has brokered the sale of Bel-Harbour in Chicago for $51.5 million. The sale of the 207-unit condominium property is a deconversion to rental units. The 30-story property is located at 420 W. Belmont Ave. in the Lakeview neighborhood. The building features a mix of studio, one- and two-bedroom units. Amenities include a heated indoor pool, sun deck and on-site maintenance and management. John Jaeger, Dan Cohen and MJ Zaring of CBRE represented the seller, Bel-Harbour Condo Association. Strategic Properties of North America purchased the property.
“This is the largest condo deconversion transaction we have seen in Chicago in a long time,” says Jaeger. “Investors are capitalizing on these opportunities to enter the multifamily market in excellent locations. You can’t build a rental building of this size at this location. As the multifamily market continues to perform at such a high-level, this will be one of the most effective ways investors can bring new rental product to the market.”
Under the Condominium Property Act in Illinois, unit owners can elect to sell a condo property if 75 percent or more are in agreement.