The REIT has purchased Echelon Chicago, a
premium multi-suite residential property located in Chicago's
trendy Fulton River District
MISSISSAUGA, ON, Aug. 18,
2022 /CNW/ - Morguard North American Residential
REIT (TSX: MRG.UN) (the "REIT") recently acquired Echelon Chicago,
a Class A multi-suite residential complex, in downtown
Chicago. Located on Desplaines
Street, the Echelon Chicago has broad ranging appeal as a rental
residence with its close proximity to major employers, restaurants,
shopping, and entertainment venues.
The transaction closed at a purchase price of US$133.0
million, excluding closing costs. Concurrent with the acquisition,
the REIT completed mortgage financing on the property in the amount
of US$74.7 million for a seven-year
term at an interest rate of 4.71%.
"We are excited to again expand our footprint in Chicago by acquiring this best-in-class,
multi-suite property," said Rai
Sahi, Chief Executive Officer, Morguard North American
Residential REIT. "This acquisition supports Morguard's North
American growth strategy to acquire high-quality core assets. We
are building on our successful track record of ownership and
management of real assets to deliver unitholder value."
Echelon Chicago is a 39-storey,
high-rise apartment building located in the Kinzie Station
neighbourhood of Chicago's West
Loop. It features 350 luxury apartments, 280 parking spaces and
extensive best-in-class amenities including a resort style pool and
sundeck, cardio and fitness centre, business centre and grilling
stations. The property has studio, one, and two- bedroom
apartments, with an average unit size of 786 square feet featuring
upscale finishes and Chicago
skyline views from all vantage points. The building is an Equitable
Transit Oriented Development, with convenient access to public
transit, freeways and is a true walk-to-work location. Echelon
Chicago is adjacent to the Park at
K Station, a one-acre public park with a spacious dog run, and
surrounded by many clubs, museums, and restaurants, including West
Loop's Restaurant Row and Greek Town.
"Echelon Chicago's
condo-quality amenities and desirable location make it an excellent
addition to our US multi-suite residential portfolio," said
John Talano, Senior Vice President,
US Operations. "Apartments are in demand in this sought-after
neighbourhood making Echelon Chicago an excellent long-term
investment opportunity."
The acquisition represents the continued expansion of the
Morguard group's Chicago
portfolio, which now comprises ownership and management of 2,403
apartment suites, valued at CAD$1.1
billion. In addition to Echelon Chicago, Morguard's
high-rise multi-suite residential assets in the city include Alta
at K Station, Coast at Lakeshore East, and Marquee at Block 37,
also located in the Loop area.
About Morguard North American
Residential REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under and governed by the laws of the Province of
Ontario. The Units of the REIT trade on the Toronto Stock
Exchange under the ticker symbol MRG.UN. With a strategic
focus on the acquisition of high-quality multi-suite residential
properties in Canada and the United States, the REIT maximizes long-term
Unit value through active asset and property management. The REIT's
portfolio consists of apartment communities located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North
Carolina, Virginia, and
Maryland. For more information,
visit the REIT's website at www.morguard.com.
SOURCE Morguard North American Residential REIT