CHICAGO—As reported in GlobeSt.com last week, GeorgetownCo. just completed the acquisition of K2, the 34-story,496-unit apartment tower at 365 N. Halsted St. for $215 million,another sign that the Fulton River District has appeared on thenational radar. And Adam Flatto, chief executiveofficer of Georgetown, tells GlobeSt.com that the New York-basedfirm considers the property, completed in 2013, “a long-terminvestment; we're thinking in terms of decades.”

In addition to the “incredible growth occurring in the WestLoop,” he adds, Georgetown was attracted to the building due to thetype of units that Fifield Cos. and WoodPartners developed for K2. Besides being, in termsof amenities, top-of-the-line product, the new units aremodestly-sized, not family-sized, precisely the kind favored bymillennials who want to make their homes near the CBD and itsavailable jobs. “That's a perfect fit for us.”

The economic and social forces drawing so many younger workersinto the city will last for a long time, Flatto believes. And evenif the market does change in significant ways over the next coupleof decades, Georgetown remains committed to “always improving andmaking relevant upgrades to the properties we own.”