Marc Capital Realty has made several attempts to buy the River City condos in the South Loop, and the River City Condominium Association now has enough votes to take the developer’s $100 million offer, according to Crain’s Chicago Business. 

Illinois law requires 75 percent vote to approve a condo sale. The deal just achieved a 75.87 percent vote from the homeowners association, according to the report. Approximately three-quarters of the condos are owned by investors, rather than people who live in the units. Investors likely voted to cash out on their investment, according to the report.  

The $100 million offer was significantly more than the developer’s first offer of $81.47 million.

Marc Capital Realty plans to convert the building’s 448 condos into rental units, a growing trend in the city. Crain’s Chicago Business points to the $51.5 million sale and deconversion of 420 W. Belmont Ave.