Commercial real estate brokerage firm Greenstone Partners has listed Imperial Lofts, a 50-unit condominium property located at 1528 S. Wabash Avenue in Chicago’s South Loop neighborhood, for sale. The property features a range of floorplans from one- to two-bedroom units.
Directors Jordan Multack and Malek Abdulsamad are leading the marketing efforts and will guide the Imperial Lofts Condominium Association through the Section 15 deconversion sale.
“Deconverting Imperial Lofts provides investors with the opportunity to add apartment inventory in a stable multifamily market. With 45% of the units already rented, there’s an established renter base for new investors,” said Multack. “The property’s prime location steps from the upcoming 78 mega-development and proximity to both CTA and Metra stations point to a favorable long-term outlook.”
Imperial Lofts is a six-story building consisting of 30 one-bedroom/one-bathroom units, 15 two-bedroom/one-bathroom units, and five two-bedroom/two-bathroom units. Additionally, there is one retail tenant occupying the first floor. The remainder of the ground level and the basement is dedicated to interior heated parking. The adjacent land to the north, currently used for exterior parking and garage access, is also owned by the Association.
“The building is well-maintained and professionally managed by off-site personnel. There are no major capital expenditures needed, which is a unique story for a deconversion,” Abdulsamad noted.
Greenstone Partners has served the needs of private and institutional investors for over a decade. Greenstone Partners strives to offer top-tier service to its clients by providing a comprehensive suite of services – including investment sales, in-depth analysis, and advisory services – by its team of experienced professionals. Through 2023, Greenstone Partners closed more than $3,000,000,000 in transaction volume.
