Chicago investors buy Roosevelt Row apartments, plan second phase

Randolph Street Realty Capital and Origin Investments bought the Union at Roosevelt apartment complex. / Origin Investments / Phoenix Business Journal

Apartments should be ready for occupancy by 2022

By Corina Vanek | Phoenix Business Journal

A joint venture of Chicago-based real estate firms bought the Union at Roosevelt mixed-use apartment complex and the adjacent lot and office building with plans to redevelop the lot into the second phase of the project.

The 80-unit apartment complex on Roosevelt Street and First Avenue — which includes nine studio, 60 one-bedroom and 11 two-bedroom units with an average size of approximately 830 square feet — was sold for $23 million, according to real estate database Vizzda. The adjacent parcel was purchased for $4 million.

The buyers, Randolph Street Realty Capital and Origin Investments plan to build a second phase with an additional 105 apartment units on the adjacent parcel. The acquisition and construction project will total about $55 million.

READ ON:

Share this!

Additional Articles

News Categories

Get Our Twice Weekly Newsletter!

* indicates required

Rose Law Group pc values “outrageous client service.” We pride ourselves on hyper-responsiveness to our clients’ needs and an extraordinary record of success in achieving our clients’ goals. We know we get results and our list of outstanding clients speaks to the quality of our work.

December 2019
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
3031