Pure Condominium Development Purchased

Randolph Street Capital and Origin Capital Partners, who are partnering on the deal are planning on rehabbing and re-branding the building as Lux24, a high end apartment building. The previously papered storefronts are planned for retail to serve the building and the neighborhood. 

Photo from Chicagorealestatedaily.com

Local investors pay $17 million for failed West Loop condo project
By: David Lee Matthews | June 11, 2013

Two Chicago real estate investment firms paid about $16.8 million for most of a failed West Loop condominium tower at the center of an alleged Ponzi scheme.  A joint venture between Randolph Street Realty Capital LLC and Origin Capital Partners closed last week on 66 unsold condos and commercial space at Pure, a 12-story glass and concrete tower at 24 S. Morgan St. The venture plans to spend another $1.3 million renovating the development and rebranding it as a luxury rental building called Lux24, according to Randolph Principal Jonathan Saliterman.  Read More...