Lux24 Multifamily Development Sells For $35M
Origin Investments and partner Randolph Street Realty Capital sold Lux24, a 79-unit apartment building at 24 S Morgan, for $35M in one of the more stunning multifamily conversions of the post-crash market.
The JV bought the property, formerly Pure Condominiums, for $17M in 2013 and set about converting the units into luxury rentals. The partnership even bought back four condos that sold prior to its acquisition, Crain's reports.
The property's original developer, Sunrise Equities, defaulted on a $20M construction loan tied to the project. Sunrise's owners later were indicted on fraud charges, accused of fleecing investors of $40M. Sunrise founder Amjed Mahmood pleaded guilty and is serving a five-year prison sentence. [Crain's]