Moceri & Roszak is looking to sell a Downtown apartment tower for at least $136 million, as it branches out from the multifamily sector into office development.
The firm led by architect-turned-developer Thomas Roszak and tech executive Dan Moceri hired HFF to sell the Linea apartments, 215 West Lake Street, which opened last year, according to Crain’s.
The building, which is 95 percent occupied, is expected to sell for at least $515,000 per unit, a source told Crain’s. The average apartment in Linea rents for $2,862 per month, or $3.23 per square foot, according to an HFF marketing flier on the building.
Moceri & Roszak invested some $98 million in the project through a $63.4 million construction loan, a $27.4 million equity investment from LaSalle Investment Management and $7 million of its own equity.
The firm has 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.
Roszak and a spokesman for Chicago-based LaSalle declined to comment.
A building boom has added more than 15,000 units to the market over the past five years, and developers are expected to complete another 11,600 apartments Downtown in 2018, 2019 and 2020, according to Integra Realty Resources.
Still, rents at recently-built Downtown apartments in the first quarter rose year over year to an all-time high of $3.08 per square foot.[Crain’s] — John O’Brien