CHICAGO-The sale of the Alta at K Station, an 848-unit, two-tower multifamily property, is scheduled to take place by year-end. Sellers Fifield Cos. and Pacific Life Insurance Co. plan to hand over ownership rights of the luxury multifamily property to Morguard Corp., a Canadian REIT, for $300 million.
According to Fifield president Steve Fifield, the complex at 555 W. Kinzie St. is the largest LEED Gold-certified building in the United States. As such, "it was an important factor for the buyer," Fifield tells GlobeSt.com.
The two residential towers, one 37 stories and the other 41 stories, sit on 1.7 acres. The asset offers more than 12,000 square feet of retail space as well. The project was completed in 2010 and is currently 94.5% occupied.
Morguard has obtained a $200-million first mortgage from Freddie Mac to acquire the asset, and will pay the remainder of the sales price from its funds. According to a press release, Morguard will assume management of the complex on March 1, 2013, and provide all asset management and property management services.
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Morguard was satisfied with the purchase, which it sees as a long-term investment. "This opportunity allows Morguard Corp. to expand its footprint in the US and execute on our US growth strategy to acquire high-quality core assets," says Rai Sahi, CEO of Morguard in a prepared statement.
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