Real estate news & trends
the LEX
The LEX apartment complex consists of a 35-story, 297-unit tower connected to a 7-story, 36-unit loft building by a 6-story 367-space parking garage. The complex also has ground-level retail space. The South Loop building was completed in 2010 and is currently the tallest building in Chicago south of 13th St. The LEX, originally named Lexington ...
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Posted by Joe Zekas on December 2, 2013
Crain’s Chicago Real Estate Daily describes describes as “eye-popping” the 50% interest rate on $3.2 million loaned to American Invsco in connection with a failed bid to acquire a large apartment portfolio. My eyes didn’t pop thirty years ago when I examined notes carrying a 50% interest rate issued by American Invsco in connection with ...
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Posted by Joe Zekas on September 19, 2013
According to Crain’s Chicago Real Estate Daily, Marc Realty Residential has acquired the vacant 7-story office building at 2036 S Michigan Ave in the southern stretch of the South Loop near McCormick Place. Marc didn’t disclose its plans for the 146,088 square foot loft building, which Crain’s described as “poised for conversion to housing.” Marc ...
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Posted by Joe Zekas on April 19, 2013
Yet another newly-opened high-rise is reporting what would typically be considered a torrid rent-up pace. The leasing office at The LEX, a South Loop condo tower turned rental, opened in March and, five months later, the development is 69% leased (226 apartments). Sixty-five percent (212) of the 329 total apartments are occupied. The LEX recently ...
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Posted by Joe Zekas on September 6, 2012
The leasing office at The LEX, a South Loop condo tower turned rental, opened just about a month ago. I received an email update from a representative of The LEX yesterday relating that 108 apartments (32.83%) have been rented and 51 of them (15.5%) are occupied. Chicago’s downtown rental market continues to show surprising strength.
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Posted by Joe Zekas on April 17, 2012
ST Residential has appointed two affiliates of Magellan Development Group as development manager and property manager of the LEX, a 329-home multifamily residential development located at 2138 S. Indiana in the South Loop. First occupancy is targeted for early April 2012. From today’s news release: “Magellan has great experience as a successful high-rise developer and ...
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Posted by Joe Zekas on March 13, 2012
There’s been a great deal of interest over the past several years in the condo-turned-apartment tower at 2138 S Indiana Ave formerly known as Lexington Park. The development has been relaunched as the LEX and its website is now live, complete with enough detail to answer most questions. The leasing center is expected to open ...
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Posted by Joe Zekas on March 12, 2012
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