1205 N Orleans St - Old Town Condos 98 units SF approximate 68,600 SF Specialty Building Offered at $29,112,882 CAD in Chicago, IL 60610

Old Town Condos presents the opportunity to acquire a portfolio of 98 luxury condominium units located within five established residential developments in Chicago’s Old Town and Near North Side neighborhoods. The portfolio consists of Old Town Square, Old Town Village Phase 1 & 2, Old Town Village West, and Mohawk North, with ownership offered as fee simple condominium interests.
The units are master leased to the Chicago Housing Authority (CHA) under long-term lease structures extending through 2038, 2042, and 2043, providing approximately 16.52 years of blended remaining lease term. Throughout the lease term, CHA is responsible for capital expenditures, unit maintenance, renovations, and funding operating shortfalls through its own sources or allocated reserves, reducing day-to-day ownership responsibilities.
The portfolio is positioned less than two miles from Chicago’s Loop and within approximately one mile of Lincoln Park. The properties benefit from access to CTA transit service, including the Red, Brown, and Purple Lines, connecting residents to major employment centers, educational institutions, and regional amenities. The surrounding Near North Side market is one of Chicago’s most established residential districts, characterized by condominium ownership, walkable urban amenities, and proximity to downtown Chicago.
At lease expiration, ownership retains the ability to terminate the CHA encumbrance subject to the applicable residual payment provisions, creating the potential to recapture the units for future disposition or operation. The offering combines long-term contracted occupancy with ownership of condominium assets located within one of Chicago’s most affluent and supply-constrained residential neighborhoods.