Completed in 1927 and converted to condos in 2006, 1400 N. Lakeshore Drive offers multiple unit sizes, with 79% of the property comprised of studios and one-bedroom units, ranging between 284 square feet and 768 square feet. The remaining 21% of the property is two-bed/two-baths or three-bed/two-bath units. The building has received several capital improvements in recent years, including façade repair in 2017 and updated elevators in 2016, and offers a large rooftop deck for residents.

"This is a historic deal for the Chicago multifamily market," says CBRE's Haddadin. "There has never been an opportunity quite like this, and, as a result, condo owners were able to achieve a new high-water mark for condo deconversion pricing in Chicago."

The deconversion deal closed on Nov. 22 and took about a year-and-a-half to complete, according to a report in Crain's Chicago Business.

Back in April, ESG Kullen, acquired 189 units and the majority ownership at the Cobblestone on the Lakes fractured residential condominium property in Fort Myers, FL.

ESG Kullen, which is active in the South Florida distressed and value-add multifamily investment markets, secured $33 million from Pembrook Capital Management LLC of New York City in connection with that deal.