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Sam Zell Buys Mod in the West Loop

The apartment building with perhaps the worst name in all of Chicago (oh, wait, that's "Zen") is now Sam Zell's problem. Zell's investment fund bought Mod, a 56-unit apartment building in the West Loop, for $13 million. The building's developers were forced to sell because the bank refused to refinance. The development was originally built as condos, but during the bust the developers switched it over to rentals. [Crain's]