New Chicago Luxury Tower Sells for $121M
- Jan 10, 2019
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.
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