CHICAGO, IL - MetLife, Inc. announced that it has, through a subsidiary, purchased EnV, a luxury multifamily property located in Chicago’s River North neighborhood. The company purchased the property from LYND Development Partners, the original builder of the tower.
“EnV is an excellent fit for MetLife’s real estate equity strategy of acquiring core properties in top-tier markets,” said Robert Merck, senior managing director and head of real estate investments for MetLife. “We manage each of our investments for the long-term, and we are pleased to add this best in class property to our portfolio.”
Lynd Development Partners, a subsidiary of LYND, which is a national real estate investment and management company based in San Antonio, Texas, launched the development of EnV in 2008.
“Even though we were in the midst of a tough recession, our research told us Chicago was underserved with a luxury rental product,” said A. David Lynd, president and chief operating officer of parent company LYND. When EnV was delivered to the market last summer, it commanded the highest rental rates in the city. A year and a half later, rental rates have continued to rise.
EnV was one of the first LEED-certified rental properties built in Chicago. The 249-unit, 29-story tower offers studio, one-and-two bedroom and penthouse apartments and also has 27,000 square feet of retail and restaurant space on the first three floors. The development is conveniently located directly across the street from the Merchandise Mart and adjacent to an “El” subway station. This past fall, EnV was named 2011 “High Rise of the Year” by Multifamily Executive.
Apartment features include bamboo floors, stainless steel appliances, built-in wine racks, all glass balconies and floor to ceiling windows throughout. Community features include full-service concierge services, a media room, juice and coffee bar and wireless Internet throughout the entire building. EnV also provides a special technology package called “The EnVironment” that allows residents to use smart phones for such activities as scheduling private training sessions, paying rent or submitting a work order. The rooftop has a pool terrace with chaise lounges, a 24-hour fitness center overlooking the city skyline and a catering kitchen.
With the success of EnV, LYND is currently weighing new multifamily development opportunities.
“There are a lot of good opportunities in markets where land and construction pricing is well below the peak and where yields are as attractive as we’ve seen for urban infill,” said LYND CEO and Chief Investment Officer Michael J. Lynd, Jr. “Rental demand in the U.S. overall is very strong, but we continue to be highly selective when choosing markets and sites.”
CBRE’s Chicago office brokered the sale on behalf of the seller.
MetLife, Inc. is a leading global provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia Pacific, Europe and the Middle East.
Based in San Antonio, Texas, with corporate offices in Miami and Denver, LYND is a family-owned, national real estate company that develops, manages, finances and invests in multifamily, hospitality and commercial properties. With more than 30,000 residential units under management in 13 states, LYND is listed in the Multi Housing Council’s list of the “Top 50 Apartment Managers” in the United States.