FPA Multifamily LLC Acquires MultiFamily In Chicago From Seller's Rep Marty O'Connell

The Lex is a 332-unit high-rise apartment complex located at 2138 S Indiana Ave, Chicago, IL, 60616, within the McCormick Square entertainment district in Chicago’s South Loop. The property features one 35-story tower and one seven-story building, consisting of a mix of one-, two-, and three-bedroom residences. The units average more than 900 square feet each and include amenities such as granite countertops, floor-to-ceiling windows, and private balconies. Additionally, The Lex offers communal amenities like a pool, outdoor grilling stations, a 24-hour fitness center, a game room, a resident lounge, and a business center. More than 17,000 square feet of ground-floor retail and dining space adds to the property’s offerings, which is situated near the Wintrust Arena and Marriott Marquis Hotel. The Lex was originally built as a condominium project but was converted to apartments in 2012.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: Undisclosed
• Address: 2138 S Indiana Ave, Chicago, IL, 60616
• Market: Chicago
• Seller: Crescent Heights
• Buyer: FPA Multifamily LLC
• Seller's Representatives: Kevin Girard (JLL), Marty O'Connell (JLL), Sean Fogarty (Artisan Capital Group), Wickliffe Kirby (JLL)
• Broker: Marty O'Connell (JLL)

FPA Multifamily LLC acquired The Lex free and clear of debt. The seller, Crescent Heights, is a developer specializing in luxury multifamily communities with a presence in five locations across the country. The transaction involved key individuals including Sean Fogarty, Marty O’Connell, Wick Kirby, and Kevin Girard who represented the seller through HFF. The property is historically significant, being built on the site of the former Lexington Hotel, which was once associated with gangster Al Capone in the 1920s.