Origin, Randolph Street Double Their Investment on Chicago M-F Deal
By
Tony Seruga
A joint venture between Origin Investments and Randolph Street Realty Capital sold a 73-unit apartment building in Chicago for more than double the acquisition price.
Lux24, Chicago
Chicago—When Origin Investments and Randolph Street Realty Capital bought a 67-unit condominium project in Chicago’s West Loop out of foreclosure nearly three years ago and transformed it into a 73-unit rental building, there were promising signs that the downtown neighborhood was turning around.
But even the partners were surprised at how quickly the neighborhood surrounding the former Pure Condominiums at 24 S. Morgan St. was revitalized, pushing property values and rents up. The partners recently sold the rebranded multifamily property—Lux24—in an off-market deal to an unidentified private investor for $35 million, more than double the $16.75 million acquisition price…
Origin, Randolph Street Double Their Investment on Chicago M-F Deal
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