Multifamily N Illinois

South Loop high-rise, The Lex, changes hands in Chicago

South Loop high-rise, The Lex, changes hands in Chicago,ph1

Holliday Fenoglio Fowler, L.P. (HFF) represented Crescent Heights in the sale of The Lex, a 332-unit high-rise apartment property in Chicago’s South Loop. FPA Multifamily, LLC purchased the property free and clear of existing financing.

The Lex is located in the heart of the McCormick Square entertainment district at 2138 S. Indiana Avenue. The property is a 15-minute walk to the lakefront and directly adjacent to the recently constructed Wintrust Arena and Marriott Marquis Hotel.

Completed in 2009, The Lex consists of one 35-story tower and one seven-story tower comprising a variety of one-, two- and three-bedroom units averaging more than 900 square feet each. Units feature luxury finishes such as granite countertops, contemporary wood cabinetry, high-end appliances, marble vanities, floor-to-ceiling windows and private balconies with panoramic views of the city.

Community amenities include a sixth-floor rooftop terrace with a swimming pool, hot tub, outdoor grilling and poolside lounge seating. The property also includes a 24-hour fitness center, business center, dog run, a resident-only secured parking garage and a billiards and resident lounge. The Lex also features more than 17,000 square feet of ground-floor retail and dining space.

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