HFF Announces Sale of Luxury High-Rise Apartments in Downtown Chicago

Jan 07, 2019 04:21 pm

Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of LINEA, a newly constructed, 265-home, luxury high-rise apartment building located at 215 West Lake Street in downtown Chicago.

The HFF team marketed the property on behalf of the seller, a partnership between LaSalle Investment Management, Inc. and Moceri + Roszak, LLC. Pacific Reach purchased the offering for an undisclosed amount.

Completed in mid-2017, LINEA is a 33-story tower comprising nearly 235,000 rentable residential square feet across a mix of studio through three-bedroom floor plans as well as nearly 5,000 square feet of fully occupied ground-floor retail. The 95-percent-occupied property is steps from the Chicago Riverwalk and boasts a Walk Score® of 98 due to its proximity to top employers, including four of Chicago’s newest Class A office towers, and vibrant River North restaurants, nightlife and retail destinations. LINEA is also situated at the nexus of numerous transportation options, including CTA trains and buses, Metra trains, Divvy bikes and water taxis earning it a Transit Score of 100.

LINEA’s apartment homes have intuitively designed layouts, including 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 providing enhanced city views; wood-grain flooring throughout; in-unit washers and dryers; and walk-in closets. The LEED-certified property also incorporates unprecedented amenity space with the top two floors dedicated to live-work-play space such as a sky lounge with 20-foot glass windows showcasing the Chicago skyline, indoor/outdoor pool with hot tub, sundeck, state-of-the-art fitness center and yoga studio, expansive lounge areas and outdoor terraces, fire pits, 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 HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell, senior director Wick Kirby and director Kevin Girard.

About LaSalle Investment Management, Inc.

LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $60.5 billion as of Q3 2018 of private and public equity and private debt investments. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments. LaSalle Investment Management, Inc. is a wholly-owned, operationally independent subsidiary of Jones Lang LaSalle Incorporated (NYSE: JLL), one of the world’s largest real estate companies. For more information please visit www.lasalle.com.

About Moceri + Roszak, LLC

Moceri + Roszak is a partnership between Dan Moceri, Michael Moceri and Thomas Roszak, that focuses on residential multifamily development on urban sites. Dan Moceri is a respected business veteran, who co-founded Convergint Technologies, a leading provider of integration services for security, fire and life safety systems with 4,000 employees in 110 cities across the U.S., Canada, Europe and Asia. Michael Moceri is an architect with a specialty in integrated building delivery. Thomas Roszak is an architect and has a distinguished design, construction and development portfolio with 30 years of experience specializing in multifamily real estate, with a development value in excess of $3 billion.

About Pacific Reach

Pacific Reach is a diversified investment company headquartered in Vancouver, Canada, with investments and holdings in various sectors and markets across North America, including real estate, hospitality and entertainment, healthcare, technology, and private equity. As a vertically integrated company with in-house development, construction, investment and operations capability, Pacific Reach owns and operates over 2,000 multifamily units, 1.5 million square feet of commercial space and 1,100 hotel rooms. For more information, visit http://www.pacificreach.com/.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

Sean P. Fogarty
IL Lic. #475.137841
HFF Managing Director
(312) 528-3650

Olivia N. Hennessey
HFF Public Relations Specialist
(713) 852-3403