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SPNA Continues Spreading Its Wings Over The North Side

The wave of condo deconversions that swept over Chicago in the past few years seemed to crest last fall when the City Council tightened the rules governing such sales, which allow investors to buy condo properties and convert them into rental apartments. But Strategic Properties of North America, one of the most prolific of these investors, continues to expand its Chicago portfolio.

The firm, which has offices in suburban Skokie and Lakewood, New Jersey, just closed the $44M condo deconversion purchase of 21 East Chestnut Condominiums, a 163-unit condo property at 21 East Chestnut St. in the Gold Coast neighborhood, according to CBRE, which represented the condo owners in the transaction.

Read more in Bisnow Chicago Real Estate News