In the News

05/24/2017

Wave Apartments is Largest Bulk Deal in Chicago

Strategic Properties has closed another historic deal in Chicago, purchasing Wave Apartments (formerly Bel Harbour) with plans to deconvert the 30-story, 207-unit condo building to apartments. “Conditions are ideal for these types of conversions,” said Yitzy Klor, SPNA’s chief operating officer, when interviewed by Multi-Housing News. “But the deconversion process is complex.”

According to Crain’s Chicago Business, “It quite possibly could be the biggest condo building in the city to deconvert, or return to rentals, a complex real estate maneuver that has become popular as apartment rents and property values have climbed in the past several years.”

Read more from Multi-Housing News and Crain’s Chicago Business.