FPA Multifamily Snags Luxury Chicago Community

The Lex, which previously belonged to Crescent Heights, was purchased free of debt. HFF’s Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard brokered the deal.

The Lex

FPA Multifamily has expanded its residential portfolio in the Chicago metro area by acquiring The Lex, a 332-unit high-rise apartment tower in the South Loop neighborhood. Completed in 2009, the property comprises one 35-story and one seven-story tower as well as 17,000 square feet of retail and dining space adjacent to the recently completed Wintrust Arena and Marriott Marquis Hotel.

For the past five years, the asset belonged to Crescent Heights of America, which purchased it from ST Residential for $96 million, according to real estate data provider Yardi Matrix. Although the property featured an $82.8 million loan originated by Citibank, it was purchased free of any existing debt. A team of investment advisory brokers from HFF, made up of Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard represented the seller in the deal. The transaction closed less than one month after FPA Multifamily purchased a 28-story tower in downtown Philly, 3601 Market.

South Loop Chicago Luxury

The Lex is located at 2138 S. Indiana Ave., in the heart of the McCormick Square entertainment district. It encompasses mostly one and two-bedroom units, with only two penthouses featuring three-bedroom layouts. Apartments provide luxury finishes such as:

  • granite countertops
  • contemporary wood cabinetry
  • Centiva contour plank flooring
  • high-end appliances
  • marble vanities
  • floor-to-ceiling windows
  • private balconies with city views

Unit size averages 920 square feet and can be rented for approximately $2,400 per month.

Tenants also have access to the sixth-floor terrace featuring a swimming pool, a hot tub, grilling spaces, lounge seating, a 24-hour fitness center, a billiards and resident lounge, a business center, a dog run and a secured parking garage. Occupancy in July 2018 was 92 percent.

The property is a few miles from the lakefront and approximately two blocks from several public transportation options. It is also within walking distance from another community that FPA Multifamily owns in the South Loop, Arrive South Loop. 

Image courtesy of Yardi Matrix

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