CHICAGO—Origin Capital Partners and Randolph Street Realty Capital have formed a joint venture to acquire the Iroquois Club, a multifamily apartment complex in suburban Naperville where a condo conversion project stalled out years ago, and plan to launch an extensive renovation. The purchase price of the complex, the fifth joint venture acquisition between the two firms, was about $38 million.

Officials from Origin and Randolph Street say they can improve the performance and value of the asset by renovating, repositioning, rebranding and more efficiently managing the complex. As part of the investment strategy, the partnership is acquiring 238 existing apartment units. The entire complex consists of two phases and 264 total units; one phase, totaling 136 units, remains apartments while the second phase of 128 units was converted to condominiums in 2006. But like many conversion efforts of that era, the recession helped derail it and only 26 condo units were sold. The rest of the units in the second phase, about 100, are now apartments.

“The business plan is for a medium-term hold, but, the partnership is always considering ways to maximize value on behalf of its investors, so, it constantly monitors the state of the micro and macro-market fundamentals for the most opportunistic time to sell,” David Welk, the managing director for acquisitions at Origin, tells GlobeSt.com.