Illinois

CHICAGO — Pacific Reach has acquired Linea, a newly constructed 265-unit apartment building in downtown Chicago. The 33-story luxury property, completed in mid-2017, features a mix of studio, one-, two- and three-bedroom floor plans as well as nearly 5,000 square feet of ground-floor retail space. Situated at 215 W. Lake St., the building has a Walk Score of 98 due to its proximity to top employers and retail. Walk Score is a number between 0 and 100 that measures the walkability of any address. The top two floors are dedicated to amenity space, including a sky lounge, pool with hot tub, fitness center and yoga studio, lounge areas, outdoor terraces, conference rooms and a media room. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF marketed the property on behalf of the seller, a partnership between LaSalle Investment Management Inc. and Moceri + Roszak LLC. The sales price was not disclosed. Linea is a play off of the word “linear.”

CHICAGO — Kiser Group has brokered the $38 million deconversion sale of 1140 N. LaSalle Drive in Chicago’s River North neighborhood. The Flats on LaSalle Condominium Association agreed to a bulk sale of all 250 units. The buyer, ESG Kullen, will convert all of the units into apartments. The eight-story building was originally constructed in 1924 as a hotel. It was later converted into apartments and then condominiums in 2006. Lee Kiser, Michael D’Agostino and Jake Parker of Kiser brokered the sale. The team also introduced equity broker Alpha Capital to ESG Kullen, resulting in Harrison Street Capital becoming a partner in the deal.

CHICAGO — A venture between The Wolcott Group, Marc Realty, Ruttenberg Gordon Investments and funds managed by Elliott Management Corp. has acquired River City, a 449-unit residential condominium building in the South Loop neighborhood of Chicago. The new owner plans to convert the serpentine-shaped building into apartment units as well as upgrade the lobby, common areas and commercial components of the property. The renovation work is scheduled to begin early this year. New residents are expected to begin occupying the apartments in March. Monthly rental rates have yet to be announced. Devon Grace Interiors is designing the apartments, while Luxury Living Chicago Realty will market and lease the property. The River City Condo Association was the seller. The transaction is the largest condo deconversion in Chicago history, according to the buyers. Maverick Commercial Mortgage arranged $93.8 million in acquisition financing through Silverpeak Argentic. The nonrecourse loan has an initial term of three years.