Lux24, 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