Randolph Street Realty Capital Pays $25M for Chicago-Area Condos

Lawton Realty Group sold 185 apartments at Ashton Condominiums, a 240-unit community in Arlington Heights.
Ashton Condominiums. Image courtesy of CBRE

Lawton Realty Group has completed the bulk sale of 185 units within the Ashton Condominiums, a 240-unit community in the Chicago suburb of Arlington Heights.

Randolph Street Realty Capital acquired the units for $25 million, according to the firm.

CBRE represented the seller in the deal. Lawton originally acquired the entire property for $40 million.

Built in 1989, and renovated between 2015 and 2019, the community comprises one- and two-bedroom apartments, with storage rooms for each unit. Common-area amenities include a swimming pool, clubhouse, party room, fitness center, patios and laundry facilities.

Located at 2302-2416 S. Goebbert Road, Ashton is just off Interstate 90 and is located 8 miles from O’Hare International Airport.

CBRE’s brokerage team on the deal included John Jaeger, Dan Cohen, Justin Puppi and Nisha Mishra. In April 2020, Cohen was involved in the $44 million condo deconversion sale of 21 East Chestnut Condominiums, a 163-unit property in Chicago. Strategic Properties of North America purchased the building.