Chicago & Midwest + Apartments | January 8, 2019

LaSalle Partnership Trades Downtown Apartment High-Rise

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).