The 292-unit Century Tower at 182 W. Lake St. will be converted from condominium units into apartments. Golub and USAA Real Estate purchased the property from the condo association for $60 million.

The buyers plan a multimillion-dollar renovation. Kitchens and bathrooms will be refurbished, and a fitness center and game room is slated for the second floor.

This deal marks the largest condo deconversion deal in the city, but it will likely soon be surpassed. The Kennelly Square association voted to sell the 268-unit Lincoln Park property to Strategic Properties of North America for up to $78 million. The 448-unit River City condo in the South Loop has a $100 million sale pending to Marc Realty Capital.

Century Tower was built for offices in 1930. It converted to apartments in 2001, and to condos in 2006. The condo association approved the sales with 75.6% of the vote. 75% was required.

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