Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of The Lex, a 332-unit, high-rise apartment property in Chicago’s South Loop.
The HFF team represented the seller, Crescent Heights, in the sale of the property to the buyer, FPA Multifamily, LLC. The property was purchased 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, Centiva contour plank flooring, 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; 24-hour fitness center; billiards and resident lounge; business center; dog run; and a resident-only secured parking garage. 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.
About Crescent Heights
Crescent Heights is the nation’s leading urban real estate firm, specializing in the development, ownership and operation of architecturally distinctive mixed-use high-rises in major cities across the United States. For over three decades, the firm has successfully completed land entitlements, built new construction projects and created value-add strategies for existing developments. The firm’s diverse portfolio is built on a wide range of product types, including design-savvy micro units, spacious signature residences and extensive indoor and outdoor amenity packages reaching up to 75,000 square feet. Known for its commitment to innovation, Crescent Heights has a long history of catalyzing the evolution of emerging neighborhoods with creatively conceived projects.
About FPA Multifamily, LLC
FPA Multifamily, LLC is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and workforce housing apartment communities. Founded in 1985, FPA has owned over 104,000 apartment units valued at over $11 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund VI, which will acquire approximately $1.8 billion of assets, and its core plus focused FPA Core Plus Fund IV, which will acquire approximately $1.4 billion of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Minneapolis, Dallas and Atlanta.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).