CHICAGO - Chicago-based Fifield Companies and Pacific Life Insurance Co. of Newport Beach, CA, said that Canadian REIT Morguard Corp. has purchased the Alta at K Station for $302 million.
The price is the highest amount paid for a Chicago downtown apartment tower in 2012. Alta at K Station is a 848-unit Class A luxury apartment development.
“This is a landmark deal for Fifield Companies and for Chicago,” Steven Fifield, president of Fifield says in a release. “This transaction demonstrates that trophy-quality assets in thriving urban markets are very enticing for smart investors.”
John Jaeger of CBRE's Multi Housing-Group represented Fifield Companies and Pacific Life in the sale.
“The fundamentals could not be better for investors right now,” Fifield adds. “We are seeing historic rent growth, incredible leasing demand and record-breaking low interest rates for investors. All market projections show that these trends have no sign of slowing down for the foreseeable future.”
The Alta at K Station complex is the largest Gold LEED-certified apartment building in the United States. It is located at 555 W. Kinzie St. and is 94% leased. Comprised of two towers, the 37-story 420-unit West Tower and the 41-story 428-unit East Tower, it has been open since June 2010.
Fifield Companies said it will now shift its attention to the launch of the 496-unit K2, the final development at the K Station complex. Fifield partnered with Wood Partners to break ground on K2 in October 2011.
The building will begin leasing in January with Spring move-ins scheduled, said Randy Fifield, vice chair and principal with Fifield Companies.
“We are turning the page on one project, which will allow us to focus all of our
efforts on launching K2 in April next year,” Randy Fifield says in the release.
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