CHICAGO—The Fulton River District hasbecome one of the city's hottest residential markets and leadinginvestors are ready to take advantage of the opportunity. TheGeorgetown Co., for example, a developer and ownerof many significant properties across the nation, has acquiredK2, the 34-story, 496-unit apartment tower at 365N. Halsted St. Georgetown officials say that although the building,which opened for leasing just last year, is in excellent condition,they still have plans to upgrade its public spaces and provide moreamenities.

“The opportunity to participate in thegrowth and energy in the West Loop and Fulton Market districtsattracted us to this fully-leased property, as we remain excitedabout Chicago's long-term prospects in both commercial andresidential activity,” says Adam Flatto, chiefexecutive officer of the New York-based Georgetown.

Fifield Cos. andWood Partners developed K2, and the building hasbeen a hit right from the start. As reported in GlobeSt.com, just75 days after opening the doors, Fifield had already signed 125 leases. And earlierthis week, K2 won "Multi-Family Development of the Year" at theNAIOP Chicago Awards for Excellence. Fifield hastransformed this corner of the city by also developing the nearbyAlta at K Station, with 848 units; andLeft Bank at K Station, with 451 units.