Morguard North American Residential REIT has acquired a 50 percent ownership in a three-year-old, 34-story tower in the heart of downtown Chicago. Marquee at Block 37 will be owned on a 50:50 basis by Morguard Corp. and the REIT. The seller is the original developer, CIM Group.
The 690-unit high-rise apartment community Marquee at Block 37 stands at State and Randolph Streets on the north edge of the city’s Loop downtown district. The property was among Chicago’s largest newly-built apartment buildings at the time of its opening.
The glass tower features studio, one-, two- and three-bedroom floorplans. Among the apartment features and finishes are floor-to-ceiling windows, individual climate control, porcelain tile backsplashes, quartz countertops and stainless steel appliances. Outdoor fire pits and grilling stations overlooking State Street are among the amenities.
A central location gives Marquee at Block 37 residents convenient access to the city’s transportation system. CTA Red Line subway trains run along State Street on the property’s east side and Blue Line subway trains along Dearborn Street on the building’s west side. Buses on State, Randolph and Dearborn Streets can take residents to neighborhoods north, south or west. Residents also can take advantage of direct access into Chicago’s Pedway, to connect to many downtown stores and eateries.
Residents also have access to the 275,000-square-foot Block 37 retail center, a private elevator ride away. The center features shops, restaurants and an 11-screen AMC Dine-In Theatre. Steps away is Randolph Street, the city’s main downtown live theater artery, which features stage plays and musicals. Other Morguard assets in Chicago include Alta at K Station and Coast at Lakeshore East.
The sale of Marquee at Block 37 comes one month after CIM Group arranged $105 million in financing for an Atlanta development.