Buying no longer an option, as Pure goes rental

Pure, 24 S Morgan St, West Loop, Chicago

When Joe looked through the Cook County records in May, he found that only four buyers had closed on their homes at Pure, the 67-unit residential development at 24 S Morgan St in the West Loop. Now it’s looking like those four buyers might be the building’s only homeowners.

In June, we heard rumblings that the bank-owned Pure LLC was unable to deliver clear title to the contracted units. Today, I discovered eight rental units listed on the MLS by Coldwell Banker agent Richard Evans, so I gave him a call to ask about the status of the building.

Evans says the bank that owns Pure went into receivership, and the whole building has gone rental, except for those four condos that were purchased in the spring.

In addition to those four residents, a handful of bank employees and a construction manager currently live in the building, so a total of 12 of the 67 units are currently occupied. The five penthouse units are also unfinished, according to Evans. The bank had originally intended to sell them as white boxes, and he isn’t sure whether those will be finished and offered as rental units in the future.

Subtract the twelve homes that are currently occupied and the five penthouses from the building’s 67 homes, and we’re left with 50 one- to three-bedroom rental apartments. Prices will start at $1,400 per month for the smallest 680 square-foot one-bedroom; two-bedroom / two-baths start at $1,750 per month, and three-bedroom / two-baths start at $2,600 per month.

Evans says the apartments will come with the same finishes that had been advertised for the condos, including Poggenpohl cabinets, Bosch appliances, and Grohe faucets. Other building amenities that Sunrise Equities had planned, like the “Pure Portal” and the “Skai Lounge,” won’t be included, but a fitness room and outdoor patios are planned.

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