Multifamily N Illinois

Chicago luxury high-rise, LINEA, sells to Canadian real estate firm

West Loop luxury high-rise, LINEA, sells to Canadian real estate firm,ph1

Holliday Fenoglio Fowler, L.P. (HFF) facilitated the sale of LINEA, a newly constructed, 265-unit, luxury high-rise apartment building located at 215 W. 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 LEED-certified property 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, sundeck, state-of-the-art fitness center, yoga studio, expansive lounge areas and outdoor terraces, library with fireplace, media room, multiple conference rooms, custom art collection and an eco-friendly terrace with dog run.

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.

The HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell, senior director Wick Kirby and director Kevin Girard.