Chi-Lux24 Lux24 had been a failed condo project, but Origin and Randolph turned it around by transforming it into apartments.

CHICAGO—Origin Investments and Randolph Street Realty Capital have sold Lux24, a 73-unit apartment building in Chicago’s West Loop, to a private investor for about $35 million, or more than double the $16.75 million acquisition price. The partners owned the building at 24 S. Morgan St. for less than three years, and the lucrative sale illustrates that failed condo projects still have tremendous potential if handled correctly.

“This is exactly the type of deal that we gravitate toward,” Origin co-founder David Scherer tells The Chicago-based partners acquired Lux24, formerly Pure Condominiums, out of foreclosure in June 2013 as a 67-unit condominium project. At the time only 38 of the units had been built out and four units had been sold. “It was quite well-built, but it also had a lot of problems to settle.”

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

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