Investor buys 39 units in River North condo tower

Published May 24, 2012
Crain’s Chicago Business

A Florida investor with foreign capital is diving into the Chicago condominium market, paying nearly $11 million for 39 unsold units in a River North tower.

A venture led by Aventura, Florida-based Gamla Cedron Group is paying $252 a square foot for the 39 unsold condos at 757 N. Orleans St., a 198-unit tower finished in 2008, sources said. The new owner plans to rent out the units for the time being.