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Vultures Prey on Three Failed Condo Towers

Could've seen this coming. Crain's is reporting that vulture investors have swooped in to snap up almost 400 condos, which will be converted to rental apartments, at three failed downtown developments: Trio, Astoria Tower and 1400 North Lake Shore Drive in the Gold Coast. Boston-based AEW Capital Management L.P. will be taking over Trio and 1400 North Lake Shore, and Crescent Heights Inc, which took over Cityfront Place last year, is working out a deal for about 200 units in Astoria Tower. Robert Mosky, a principal of RDM Development—developer of Trio and 1400 North Lake Shore—was candid about the deal: “We would lose the properties one way or another,” Mr. Mosky says. “This seemed like the most responsible way to go.”

·Vulture investors purchase empty condo towers with eye on rental market [Crain's]