ACO Sells Class-A West Loop Condo Tower for Texas Bank
CHICAGO, ILLINOIS – June 4, 2013
ACO Commercial, is pleased to announce the sale of the Pure Condominiums located at 24 S. Morgan in Chicago’s West Loop Neighborhood.
Built in 2007, Pure is a 12-story, glass and concrete tower with 67 residential units and 5,000 Square Feet of commercial space. The property benefits from unobstructed views of the Chicago skyline, and is one of the tallest buildings in the West Loop.
Four units were sold to individuals and the remaining 63 units and commercial space were contained in the ACO offering.
At the time of sale, approximately sixty percent of the units were completed, and the commercial space was unfinished. The 63 unit offering was comprised of 45 one-bedroom, 10 two-bedroom, and 8 three-bedroom units.
George J. Toscas, Executive Vice President of ACO Commercial arranged the sale of the partially completed property on behalf of the seller, United Central Bank of Texas. The 60-day marketing campaign generated international interest with 82 property tours and 34 offers. The sale price was approximately $16,750,000.
The Property was purchased by a joint venture formed between Randolph Street Realty Capital, LLC (“RSRC”) and Origin Capital Partners, both based in Chicago. It is their intent to rebrand the property as a luxury rental complex named Lux24.
“The Pure property represented an opportunity to own high quality real estate in an up and coming infill Chicago neighborhood,” said Jonathan Saliterman of RSRC. “Our plan involves completing unfinished units, enhancing the common areas and stabilizing the asset.”
Robert Hoholik, a Vice President with United Central Bank of Texas, managed the asset for the seller. “My job is to handle situations for the bank where money cannot be left on the table,” Hoholik said. “I have not seen a marketing campaign this active in my career. People came from all over the world to see the asset. Simply put, the value to our shareholders was maximized.”
ACO Commercial specializes in the sale of investment real estate throughout the Midwest. Affiliated Chicago Operations, LLC has 21 offices in Illinois, Wisconsin, and Indiana with over 1,000 agents.