By Gabriel Circiog, Associate Editor
MetLife Inc., through a subsidiary, has purchased EnV, a luxury multifamily property in Chicago’s River North neighborhood. The 29-story high rise was acquired from LYND Development Partners, the developer of the tower. CBRE’s Chicago office, on behalf of the seller, brokered the sale.
Lynd Development Partners, a subsidiary of LYND, a national real estate investment and management company based in San Antonio, Texas, started the development in 2008 and finalized it last summer. Upon completion it commanded the highest rental rates in the city and since then the rates have continued to rise.
Located across the street from the Merchandise Mart and close to an “El” subway station, the 294-unit EnV features studio, one- and two-bedroom and penthouse apartments. EnV also has 27,000 square feet of retail and restaurant space on the first three floors and was one of the first rental properties built in Chicago that attained LEED certification. The tower offers various amenities: on the rooftop a pool terrace, a fitness center and catering kitchen; a media room and full-service concierge services. EnV also provides to residents wireless internet access throughout the building and a special technology package called “The EnVironment” which permits residents to use smart phones for various activities such as scheduling private training sessions, paying rent or submitting a work order.
In other news, MetLife has formed a new real estate joint venture with Denver-based UDR, UDR/MetLife II. Each party owns a 50 percent interest in a $1.3 billion portfolio of 12 operating communities with a total of 2,528 apartment homes. The 12 properties are: seven properties from the former UDR/MetLife I and five newly acquired high-rise apartment buildings on the Upper West Side of Manhattan, collectively known as Columbus Square.
Photo Credits: EnV Chicago Luxury Apartments Facebook Page.