FPA Multifamily Buys 332-Unit High-Rise Apartment Complex in Chicago’s South Loop
CHICAGO — FPA Multifamily LLC has acquired The Lex, a 332-unit high-rise apartment complex located within the McCormick Square entertainment district in Chicago’s South Loop.
The seller was Crescent Heights, a developer of luxury multifamily communities with five offices across the country. San Francisco-based FPA purchased the property free and clear of debt for an undisclosed price. Sean Fogarty, Marty O’Connell, Wick Kirby and Kevin Girard of HFF represented the seller in the transaction.
Completed in 2009, The Lex consists of one 35-story tower and one seven-story building featuring a mix of one-, two- and three-bedroom residences. Units average more than 900 square feet each and include granite countertops, floor-to-ceiling windows and private balconies.
Communal amenities include a pool, outdoor grilling stations, 24-hour fitness center, game room, resident lounge and business center. The Lex also features more than 17,000 square feet of ground-floor retail and dining space.
The property is situated adjacent to the newly constructed Wintrust Arena and Marriott Marquis Hotel. The location puts The Lex within walking distance of Lake Michigan.
The Lex was originally built as a condominium project, but failed as it was completed in the midst of the housing crisis, according to local real estate website YoChicago. ST Residential acquired the property from the development lender and converted the property to apartments in 2012.
The property is built on the site formerly occupied by the Lexington Hotel, which once served as the headquarters of notorious gangster Al Capone in the 1920s.
— Taylor Williams