Georgetown Co. Acquires Chicago Community for $214.25M
Georgetown Co. has acquired K2 Apartments, a 496-unit Class A luxury apartment development, from a joint venture between Fifield Companies and Wood Partners, for $214.25 million.
Chicago—Georgetown Co. has acquired K2 Apartments, a 496-unit Class A luxury apartment development, from a joint venture between Fifield Companies and Wood Partners, for $214.25 million.
The sale represented the highest price paid for a multifamily building in the Chicago area in two years, the 848-unit Alta at K Station, for $302 million to Morguard Corp., another Fifield project.
“K2 has been a smashing success since it debuted in early 2013,” Steven Fifield, Fifield Cos.’s president, says. “Renters responded enthusiastically to our grandest design yet, and in less than two years, we are near full occupancy. That is a testament to K2 and the strength of the luxury rental market. This lifestyle has shown no signs of slowing down, and this investment by Georgetown will deliver for years to come.”
Located at 365 N. Halsted St., K2 includes a mix of studio, one-, two- and three-bedroom apartments, all with access to a full suite of amenities, including a state-of-the-art fitness center, 70-foot lap pool, theater room, bike storage for 200 bikes, a half-acre dog park and many others.
At the time of the sale, the property was 95 percent leased.
Over the past decade, the Fulton River District has seen the development of five separate high rises and a total of 2,145 luxury rental units, driving thousands to the area.
“What once was a somewhat blighted area is now one of Chicago’s hottest residential markets, supporting award-winning restaurants, first-class retail and new job centers,” Randy Fifield, Fifield’s vice chairman, says. “The residential momentum at K Station has been the catalyst for this growth. When Google and 1K Fulton open next year, the neighborhood will be even hotter.”
With the sale complete, Fifield Companies will now shift its attention to the upcoming first quarter opening of the 356-unit E2 luxury apartments in Evanston, Ill., and the groundbreaking for Avant River North, a 310-unit luxury high-rise at 347 W. Chestnut St. in Chicago’s River North neighborhood.
“We are bringing the luxury rental lifestyle to the suburbs with our latest development in Evanston,” Randy Fifield says. “With each project, we like to raise the bar a little bit higher and E2 will not disappoint. This development will have the finest finishes and amenities of any Fifield project to date. We cannot wait to share this new community with the North Shore and North Side residents looking for a hip, urban lifestyle.”
Pete Evans of Moran & Co. represented Fifield Companies and Wood Partners in the sale.