loader image

Pacific Reach Properties pays $121M for Loop resi tower

President and CEO of Pacific Reach Dr. Azim Jamal Thomas Roszak and 215 West Lake Street (Credit: Wikipedia and Yelp)

Pacific Reach Properties bought a Loop apartment tower, its first acquisition in the lucrative Chicago rental market.

The Vancouver-based private equity firm paid $121 million for the Linea apartments at 215 West Lake Street.

The seller of the 33-story property was Chicago developer Moceri & Roszak, according to Cook County records.

Citibank provided Pacific Reach with an $80 million acquisition loan, county records show.

Pacific Reach owns a number of properties in Canada, Phoenix and Los Angeles, but the Linea is its first multifamily property in Chicago. Its portfolio also includes a surface parking lot at 601 West Monroe Street, according to its website.

Moceri & Roszak put the year-old building on the market this summer, reportedly seeking $136 million. The firm led by architect-turned-developer Thomas Roszak and tech executive Dan Moceri invested some $98 million in the project, Crain’s reported earlier this year.

The firm developed several multifamily buildings Downtown but recently pivoted to enter the office market, securing a $71.4 million construction loan for a 20-story office tower at 145 South Wells Street.

Pacific Reach’s entry into the Chicago multifamily market comes at a time of solid rent growth and occupancy rates, despite the addition of thousands of new units in recent years. But more than 8,000 new units are expected to be delivered in the next two years, prompting worries of a looming slowdown.

Recommend0 recommendationsPublished in Real Estate

Share this story with your network.

Share on facebook
Share on twitter
Share on linkedin
Share on email
Share on print

Responses

Recent Stories

Del Marie: locked down, but not out

The rapper-dancer-performance poet rolls with the pandemic punches. 2020 started off so well. January and February were great months for 27-year-old rapper, dancer, and performance

Read More »

Speak with a local expert now.

Learn more about this recent happening by speaking with an agent.

X