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Canadian Firm To Pay $300M for Chicago Apt. High-Rise

Fifield JV Trading Alta at K Station in West Loop to Morguard
November 30, 2012
Morguard Corp., an Ontario, Canada-based investor, agreed to purchase Alta at K Station, an 848-unit multifamily complex in Chicago’s West Loop, for $300 million or $353,774 per unit. The company plans to finance the acquisition with a $200 million loan for a 10-year term at 3.29 percent and available funds. The deal is set to close by the end of December.

Owners Fifield Cos., a Chicago-headquartered developer, and Pacific Life Insurance Co., its joint venture partner, completed the LEED certified high-rise project at 555 W. Kinzie St. in 2010. The 37-story and 41-story towers are 94 percent leased. Floor plans range from 508 to 1,807 square feet with rents starting at $1,455 per month.

Morguard will take over asset management and property management services of the project in March.

"This opportunity allows Morguard Corp. to expand its footprint in the U.S. and execute on our U.S. growth strategy to acquire high-quality core assets," said Rai Sahi, chief executive officer of Morguard. "We're building on our successful track record of ownership and management of real assets to deliver shareholder value."

The acquisition of Alta at K Station brings the total value of purchases by the Morguard group of companies to more than $700 million in the fourth quarter of this year.

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