Origin Investments Hits it Big with $35M Sale of Lux24

Origin Investments Hits it Big with $35M Sale of Lux24

Origin Investments

March 2016

Origin Investments and Randolph Street Realty Capital hit it big for investors this week with the $35 million sale of Lux24, a 73-unit condominium project they repositioned after the condo meltdown.

The JV purchased the project out of bankruptcy in 2013, after its original developers ran into financial troubles. With a $19 million total investment, the team converted the property at 24 S. Morgan into a rental building, tapping into the hot downtown apartment market and the West Loop’s revitalization.

As reported in Crain’s, the team invested about $2.3 million to finish construction, reconfigure unfinished units, and move the fitness center. They also bought back a few condos that had been sold and leased up the ground floor retail space.

This project shows:

  • Buying right is important, but creatively repackaging an asset can help create tremendous value
  • Timing is everything and a great location doesn’t hurt
  • The West Loop/Fulton Market just keeps on going

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