Chicago Market

Investors sell West Loop Apartments for Big Gain

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March 02, 2016, Crain’s Chicago Business from Chicago Real Estate Daily by Alby Gallun

lux24 luxury apartment homes press release for randolph street realtyLux24, at 24 S. Morgan, was known as Pure Condominiums when the sellers bought it in 2013.  Less than three years after investing about $19 million in a failed West Loop condominium project, two Chicago investors cashed out for nearly twice that much.  Origin Investments and Randolph Street Realty Capital sold the 73-unit Lux24 for $35 million, said Origin Co-Founder and Principal David Scherer.

The developers have staged a complete turnaround of the property, which not only was a victim of the condo crash but also was at the center of an alleged Ponzi scheme. They converted the development into a rental building, a move that paid off amid a red-hot downtown apartment market and the West Loop’s renaissance. Read More

Randolph Street Realty Expands Chicago Portfolio

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May 4, 2016, Multi-Housing News (MHN) by Ioana Neamt – CHICAGO, IL

pureApts_rstrealtyPropertyPhotoRandolph Street Realty Capital LLC has purchased a four-story, 36-unit multifamily asset at 1819 W. Division Street in Chicago’s Wicker Park neighborhood for $14.3 million.   The company was represented by KIG Principal & Managing Broker Susan Tjarksen and Managing Partner Todd Stofflet in the $14.3 million off-market transaction. Smithfield Properties LLC was the developer and seller of the property.

Located at 1819 W. Division St., on the corner of Division and Honore streets, the newly completed residential asset was vacant at the time of sale. Randolph Street has already begun lease-up of the property. Read More

Naperville apartments sell for $38 million

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October 1, 2015, Crain’s Chicago Business by Alby Gallun– CHICAGO, IL

pressPost_iroquoisClub_photoThe rising real estate market has made the search for stalled condominium projects much harder for investors, but two Chicago investment firms have found a big one in Naperville.

A joint venture between Origin Capital Partners and Randolph Street Realty Capital paid about $38 million for the Iroquois Club, an apartment complex in the western suburb that was partially converted to condos in 2006.

But buyers disappeared after the condo market crashed, and the project’s owner, a venture led by local developer Stanley Brashears, sold only 26 of the 128 condos, renting out the rest. Origin and Randolph Street bought the unsold condos and another 136 apartments in the complex that were never converted, bringing their total number of units to 238. Read More

Fifield to Buy, Expand West Loop Apartment Building

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December 26, 2012,  By Alby Gallun, Crain’s Chicago Business – Just days after pulling off the biggest downtown apartment sale of the year, Chicago developer Steven Fifield is pouring some of the proceeds from that deal into his next one: the acquisition and expansion of a 58-unit apartment building in the West Loop.  Mr. Fifield said he is paying $20 million, or about $345,000 a unit, for Mod, a five-story condominium-turned-apartment building at 1222 W. Madison St. The sale includes a parcel next door, where Mr. Fifield plans to build another 44 apartments.  The transaction will generate a fat profit for the seller, a Sam Zell-backed venture that paid $13.3 million for the property about two years ago.  “It gives us an opportunity to keep our money in Chicago in another apartment deal,” Mr. Fifield said. “We believe that multifamily is going to continue to stay strong.” Read More

Logan Square Apartment Building Fetches $4.2 Million

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November 21, 2014, Crain’s Chicago Business – Sale – Randolph Street Realty Capital paid $4.2 million for a 15-unit apartment building at 2000 N. Milwaukee Ave. in Logan Square. The Chicago investment firm bought the property from a venture of neighborhood apartment owner Martin Heilmann, who acquired it for $3.3 million last year. “It’s in between Logan (Square) and Bucktown, and we’re a believer in the neighborhood,” said Randolph Street co-founder Jonathan Saliterman. Read More

Zell-backed Venture Buys Distressed Near West Apartments

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January 26, 2011  By Alby Gallun  (Crain’s Chicago Business) — Sam Zell, whose real estate empire spans from Sao Paulo to Shanghai, found a vulture investing opportunity right in his backyard.A venture backed by a Zell-led investment fund paid more than $13 million for Mod, a 56-unit condominium-turned-apartment development at 1222 W. Madison St., not far from Mr. Zell’s West Loop offices.County records show the venture bought property at the end of December from MB Financial, the project’s construction lender, which repossessed the building from its developer about three months earlier.

The sale resulted in a major loss for Chicago-based MB, which filed a $19-million foreclosure suit against the project about a year ago.  Related story: Residential development faces $19-million foreclosure suit    The Zell Credit Opportunities Master Fund L.P. teamed up on the acquisition with Randolph Street Realty Capital, a Chicago-based investment firm founded in 2009 by two former executives at Equity Residential, the apartment real estate investment trust founded by Mr. Zell.   Read More

Local investors pay $17 million for failed West Loop condo project

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June 11, 2013, By David Lee Matthews Crain’s Chicago Business – 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