CHICAGO - Apartment leasing continues to hold the crown of success in Chicago, with demand stronger than ever, as evident by lease velocity at the two new towers at the $850 million Alta at K Station project. Leasing at the 41-story east tower and the 37-story west tower has hit almost 30 contracts a week for the past several weeks, according to developer Fifield Cos., with demand for the 848 units not seeming to slow down.

Alan Schachtman, SVP with Fifield, says the west tower that opened in March is now about 60% leased. Since the east tower opened this month, the company has signed about 350 leases at the property.

Schachtman says the success is due to the property’s massive amenity package. Fifield and partner Pacific Life Insurance Co. of Newport Beach, CA have made young professionals the target demographic for this property, and have tried to provide as much as possible for their clientele. The two-tower complex includes a 32,000-square-foot, indoor-outdoor center that has a full indoor gymnasium, fitness center, 24-seat indoor theater, cafe and party rooms, as well as an Olympic-sized outdoor pool with sunbathing deck and cabanas. The property also includes a 700-car parking garage.

The apartment market is doing well in part because of how difficult it is to get a mortgage today, Schachtman says. “We’re not seeing much, if any, push-back on rental rates, there seems to be plenty of people willing to lease. There’s just not a ton of product like this out there,” he says.

The Alta complex also includes the 350-unit Echelon apartment building, which was finished two years ago and is about 96% leased, Schachtman says. Prudential also joined with Fifield in developing the 451-unit Left Bank apartment building in the complex. Prudential bought out Fifield’s interest in the Left Bank building in February 2007. The complex also includes a one-acre, ground-level park.