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Key Points
Laramar Group purchased the Wave Lakeview apartments from Strategic Properties of North America (SPNA) for $57 million, a discount from the $62 million the seller last refinanced the property for in 2019.
The deal highlights potential challenges for condo deconversion specialists, as SPNA struggled to generate income from the 207-unit building, which led to its $62 million loan being watchlisted in 2021.
The sale of the Wave Lakeview property follows SPNA's failures to close two other major condo deconversion deals in Chicago at Ontario Place and 200 North Dearborn in 2023 and 2024, and is likely part of a broader strategy to sell off existing assets.