The news release just came across our virtual desk:
CHICAGO – (February 2, 2012) Chicago-based Fifield Companies and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif., have announced the sale of Echelon at K Station, a Class A luxury apartment building in Chicago’s West Loop. Miami-based developer Crescent Heights purchased the 350-unit building for $104.5 million.
John Jaeger and Dan Cohen of CB Richard Ellis’ Multi Housing-Group represented Fifield Companies and Pacific Life Insurance Co. in the deal.
“At a price of almost $300,000 per apartment, this is an outstanding deal for Crescent Heights on a high-performing building in one of Chicago’s hottest neighborhoods,” said Steven Fifield, president and founder of Fifield Companies. “With demand continuing to outpace supply in Chicago’s rental market, Echelon is a solid multi-housing investment that should provide an excellent return for Crescent Heights well into the future.
“Also worth noting is that Echelon was delivered in 2008,” added Fifield. “Yet with the significant upgrades in finishes and amenities done in the crop of five Chicago apartment buildings that delivered over 2000 units in 2010, including the adjacent 848 units at Alta at K Station, Echelon represents a ‘value add’ opportunity for Crescent Heights to improve finishes and amenities to compete with more current buildings and to realize substantial rental gains while few new apartments are opening in 2012.”
Located at 353 N. Desplaines St., Echelon at K Station is 95 percent leased. A 350-unit high-rise, Echelon at K Station includes studio, one- and two-bedroom residences with one to two baths. Floor plans range in size from 572 to 1,111 square feet with rents ranging from $1,565 to $2,845 per month.
“Class A luxury is one of the most sought-after rental segments in Chicago right now, and the first-class amenities at Echelon allow it to command premium rents,” noted Fifield. “With its desirable location in the West Loop neighborhood and within the popular K Station development, this building will stay in demand, which certainly adds to the strength of this investment for Crescent Heights.”
Echelon’s full slate of luxury amenities include: a fitness center with Precor and Matrix Fitness Systems cardio and strength equipment, flat screen monitors and locker rooms; a landscaped outdoor deck with a swimming pool, barbeque area and lounge seating; game room and lounge; a business center and conference room; and a party suite, which includes a kitchen and dining area. Additional amenities include 24-hour maintenance and door staff, on-site valet dry cleaner and package receiving.
All residences at Echelon at K Station include kitchens with granite countertops and stainless steel appliances; in-home washer and dryer; and individually controlled heating and air conditioning.