Origin Capital Partners has acquired Lux24, a 12-story, high-end multifamily project located in Chicago’s West Loop neighborhood.
The acquisition consisted of 66 of 67 condominium units, a three-story parking garage and 4,400 total square feet of ground floor retail space with 3,350 square feet available for lease. The property was purchased in a joint venture with Chicago-based Randolph Street Realty Capital.
The property, formerly known as Pure, was built as a condominium project in 2008 and is located within many of the area’s retail, entertainment and transit amenities. Approximately 60 percent of the units are leased and occupied, with the balance requiring some additional finish work to bring them on-line as rental units. The partnership has developed a business plan that includes the completion of the existing unit build-out, relocation of the fitness center and the conversion of some of the larger floor plans to create seven additional units.
Additionally, the partnership will complete upgrades to the lobby, corridors and common areas, as well as the exterior and parking garage. A rebranding of the property is underway and, as part of this initiative, it will be renamed Lux24.
“This high-image asset, with its concrete, steel and glass construction, upscale finishes and its modern design features, presents a unique opportunity within the West Loop market,” said Dave Welk, Origin Capital director. “This value-add opportunity represents our fourth investment partnership with RSRC and we look forward to continuing to expand our relationship.”
“We are excited to add this asset to our growing portfolio,” said Bill Rogalla, Origin Capital president. “This project will provide Origin with an opportunity to play a role in the continuing growth of the West Loop submarket and will offer residents an upscale living experience.”
