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 manager in Chicago and we believe they are well-qualified to help us to bring the LEX to market and to provide expert service to our residents,” said Seth Hewitt, senior vice president of ST Residential.
The LEX includes a 35-story tower and 7-story loft building connected by an outdoor deck over a 4-level heated parking garage. With over 300 residences, including one- to three-bedroom homes and penthouses, The LEX offers many impressive views of the Loop and Lake Michigan. Residents will enjoy an extensive amenity package including a fitness center, party room, business center, and landscaped deck with outdoor pool and hot tub. Luxury rentals will start at approximately $1,250 monthly.
The ST portfolio includes over 30 properties in more than 10 states. The LEX is the first in Illinois.