Fifield Companies Sells Chicago Community for $302M, Begins Work on New Luxury Development
In a joint venture, Fifield Companies and Pacific Life Insurance Co. have announced they have sold an 848-unit multifamily community in Chicago to REIT Morguard Corp. for $302 million. This marks the highest amount paid for a Chicago apartment tower since May 2011.
Chicago—In a joint venture, Fifield Companies and Pacific Life Insurance Co. have announced they have sold an 848-unit multifamily community in Chicago to REIT Morguard Corp. for $302 million. This marks the highest amount to be paid for a Chicago apartment tower since May 2011.
“The continued influx of jobs, such as Google’s 2,500 employees moving downtown in the Spring of ’13, and people moving from both outside Chicago and from further out neighborhoods for walk-to-work access within blocks of all the city’s retail, entertainment and cultural amenities, has dramatically increased apartment demand in downtown Chicago, River North, Streeterville and the Gold Coast since 2010,” Steve Fifield, president of Fifield Cos., tells MHN. “Even with more than 2,000 units per year being delivered in 2013 and 2014, demand continues to outpace supply.”
“Institutions see these fundamentals and are investing,” Fifield continues. “MetLife just bought its second apartment tower at 215 Washington after buying EnV last December. This follows the sales of Parc Huron, Echelon, Flair Tower, AQUA, 1401 S. State and others in the last 18 months.”
The community, called Alta at K Station, includes two towers—the 37-story, 420-unit West Tower and the 41-story, 428-unit East Tower. Alta at K Station is the largest Gold LEED-certified building in the country, and is currently 94 percent leased
“This is a landmark deal for Fifield Companies and for Chicago,” Fifield says. “This transaction demonstrates that trophy-quality assets in thriving urban markets are very enticing for smart investors.
With this sale complete, Fifield will now shift its attention to the 496-unit K2 community, a new luxury development in the five-building K Station development. For this development, Fifield has partnered with Wood Partners.
K2 will include studios and one-, two- and three-bedroom apartments. The units will include stainless steel appliances, granite counter tops and plank flooring. There will be a two-story entrance and lobby with a floor-to-ceiling-window with the view of Chicago’s Loop.
Amenities for K2 will include two lounge and party areas with flat-screen TVs, multiple seating and pool tables.