Trending Multifamily News
CHICAGO, IL – January 7, 2019 – 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.