January 8, 2019
HFF has arranged the sale of Linea, a newly-constructed luxury high-rise apartment building, on behalf of a partnership of LaSalle Investment Management and Moceri + Roszak, LLC. Pacific Reach purchased the property for an undisclosed amount. Crain’s Chicago Business reported last June that it was expected to fetch at least $136 million, or $515,000 per unit.
Completed in 2017, the 265-unit property at 215 W. Lake St. is 95% leased. It’s located near the Chicago RiverWalk and convenient to leading employers, including four of downtown’s newest Class A office towers, as well as River North restaurants and nightlife.
Linea is the latest in a series of high-rise downtown apartment properties that have changed hands in recent months, as owners look to capitalize on the demand for recent construction.
The HFF investment advisory team included managing directors Sean Fogarty and Marty O’Connell, senior director Wick Kirby and director Kevin Girard.
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