Morguard to Pay $300M for Alta at K Station Apartments
Start each day with GlobeSt.com's Chicago AM Alert for original coverage of the latest transactions and trends shaping the commercial real estate industry. Sign Up Today!
CHICAGO-A real estate investor from Canada has agreed purchase Alta at K Station, an 848-unit apartment community in the West Loop, for approximately $300 million. Mississauga, Ontario-based Morguard Corp. will pay about $354,000 per unit for the two-tower apartment property at 555 W. Kinzie St.
Morguard is buying the complex from a joint venture between Pacific Life Insurance Co. of Newport Beach, California, and Fifield Cos. of Chicago. Alta at K Station, completed in 2010, is nearly 94% occupied. For the full story, go to Crain's Chicago Business .
GlobeSt.com News Hub is your link to relevant real estate and business stories from other local, regional and national publications.
Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.