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The National Trust put the building up for sale in mid-2009. The organization said it had outgrown the 60,000 square feet (5,600 m 2) building and needed about 80,000 square feet (7,400 m 2) of space. Real estate experts believed the structure would sell for $1,000 a square foot, or $60 million.
With no development, financial or construction experience, they put down a non-refundable deposit to purchase the Ritz and Mozart apartment buildings. Their commitment won over James Rouse, CEO of The Rouse Company and he helped them secure $625,000 to complete the transaction and $125,000 toward the cost of rehabilitation.
Equity Residential is a United States–based publicly traded real estate investment trust that invests in apartments. As of December 31, 2022, the company owned or had investments in 308 properties consisting of 79,597 apartment units in Southern California , San Francisco , Washington, D.C.
People 1 month ago Michael Jordan's Chicago Mansion Sells for $9.5 Million After 12 Years on Market The retired NBA legend's sprawling Highland Park estate has been on the market on and off since 2012
The building was converted to 692 condominiums in 2007, including 330 studio apartments and 280 one-bedroom apartments. The studios ranged from 450 to 525 square feet (41.8 to 48.8 m 2 ); the one-bedroom units averaged 650 square feet (60 m 2 ); and the two-bedroom units averaged 1,000 square feet (93 m 2 ).
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