The property was renovated last year. Invsco plans to convert the apartments to condominium units. Aztec Group Inc., a Miami-based real estate investment and merchant-banking firm, arranged the sale, with Lang Baumgarten and Michael Stein, two of the company's managing directors, brokering the deal.

American Invsco, founded in 1969 by the Gouletas family and managed by Nicholas S. Gouletas, president, has developed a portfolio of more than 30,000 condominiums valued in excess of $4 billion in 40 markets throughout the United States.

Gouletas, an inducted as a member of the Chicago Real Estate Hall of Fame, has developed several marquee condominium properties in the Chicago area. Some of the most notable include the conversion of the New York Private Residences, a 48-story, 655,000-sf luxury property on North Lake Shore Drive; and the development of the Private Residences at Millennium Centre, a 60-story concrete and glass condominium building in Downtown Chicago.