Morguard North American Residential REIT announced it recently acquired Echelon Chicago, a Class A multi-suite residential complex, for a purchase price of US$133 million.
“We are excited to again expand our footprint in Chicago by acquiring this best-in-class, multi-suite property,” said Rai Sahi, Chief Executive Officer, Morguard North American Residential REIT. “This acquisition supports Morguard’s North American growth strategy to acquire high-quality core assets. We are building on our successful track record of ownership and management of real assets to deliver unitholder value.”
Echelon Chicago is a 39-storey, high-rise apartment building located in the Kinzie Station neighbourhood of Chicago’s West Loop. It features 350 luxury apartments, 280 parking spaces and extensive best-in-class amenities including a resort style pool and sundeck, cardio and fitness centre, business centre and grilling stations.
The property has studio, one, and two- bedroom apartments, with an average unit size of 786 square feet featuring upscale finishes and Chicago skyline views from all vantage points. The building is an Equitable Transit Oriented Development, with convenient access to public transit, freeways and is a true walk-to-work location. Echelon Chicago is adjacent to the Park at K Station, a one-acre public park with a spacious dog run, and surrounded by many clubs, museums, and restaurants, including West Loop’s Restaurant Row and Greek Town.
“Echelon Chicago’s condo-quality amenities and desirable location make it an excellent addition to our US multi-suite residential portfolio,” said John Talano, Senior Vice President, US Operations. “Apartments are in demand in this sought-after neighbourhood making Echelon Chicago an excellent long-term investment opportunity.”
The acquisition represents the continued expansion of the Morguard group’s Chicago portfolio, which now comprises ownership and management of 2,403 apartment suites, valued at CAD$1.1 billion. In addition to Echelon Chicago, Morguard’s high-rise multi-suite residential assets in the city include Alta at K Station, Coast at Lakeshore East, and Marquee at Block 37, also located in the Loop area.
For more information, visit the REIT’s website at www.morguard.com.
