New Chicago Luxury Tower Sells for $121M


The 265-unit high-rise developed by Moceri + Roszak marks Canada-based Pacific Reach Properties’ first multifamily acquisition in the city.


HFF has announced the sale of a newly-constructed, high-end property on the northwest corner of Chicago’s booming Loop district. Situated at 215 W. Lake St., LINEA is a 33-story tower featuring 265 units in a mix of floor plans ranging from 601-square-foot studios through 1,620-square-foot three-bedroom-two-bath floor plans. The 2017-built property also includes nearly 5,000 square feet of fully-occupied ground-floor retail.

Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF marketed the property on behalf of the seller, a partnership between real estate investment manager LaSalle Investment Management, Inc. and developer Moceri + Roszak. The buyer is Vancouver, B.C.-based Pacific Reach Properties, which already owns a number of multifamily properties in Canada, Los Angeles and Phoenix. According to Yardi Matrix data, LINEA was sold for $121 million, with Citibank providing an $80 million acquisition loan. The property was 95 percent occupied at the time of sale.

Near employers, transit

Boasting a Walk Score of 98, the LEED-certified property is steps from the Chicago Riverwalk and is also close to many downtown Chicago employers and four of the city’s newest Class A office towers. River North restaurants, nightlife and retail are accessible just a short walk north along the Wells Street bridge over the Chicago River.

The Clark/Lake CTA Rapid Transit terminal providing service on six different CTA lines is located just a few steps east, Metra commuter trains just a few blocks southwest. The close proximity of CTA bus stops, Divvy bike stations and water taxis help provide LINEA with a Transit Score of 100.

Residences at LINEA have been intuitively designed to include gourmet kitchens with quartz countertops, stainless steel appliances, designer cabinetry, and oversized islands with bar seating; exposed concrete ceilings and accent walls; unique bay windows delivering city views; and wood grain flooring throughout. The apartment homes also feature in-unit washers and dryers, microwave ovens, high-speed Internet and walk-in closets.

Sky lounge

The top two floors of the one-year-old LINEA are devoted to live-work-play amenity space. Featured are a sky lounge with 20-foot glass windows overlooking the Chicago skyline, indoor-outdoor pool with hot tub, sundeck, fitness center, and yoga studio

Also included are lounge areas and outdoor terraces, green roof, fire pits, a library with fireplace, media room with TV lounge and bar area, multiple conference rooms, custom art collection and an eco-friendly terrace with dog run. The building features covered parking for an additional monthly fee and secure access.

Image courtesy of HFF

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent