SPNA Buys Condo Property in Chicago for $44M, Plans Deconversion

CHICAGO — SPNA has purchased 21 East Chestnut Condominiums in Chicago’s Gold Coast neighborhood for $44 million with plans to convert the condo property into apartment units. Built in 1962 and converted to condos in 1979, the 25-story multifamily tower features 163 units. Floor plans range from studios to two-bedroom units. Amenities include a rooftop lounge, sauna, fitness center, bike room and resident storage lockers. Sam Haddadin and Dan Cohen of CBRE represented the seller, 21 East Chestnut Condo Association. “The owners overwhelmingly voted in support of the deconversion sale,” says Haddadin. “They were able to receive a much higher value for their units by selling together as an association.” Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent.