CHICAGO — Georgetown Co. has purchased K2 Apartments in Chicago for $214.2 million. Locally based Fifield Cos. and its joint venture partner, Houston-based Wood Partners, sold the 496-unit, Class A luxury apartment development.
Located at 365 N. Halsted St., K2 is 95 percent leased. Residences include 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 and a half-acre dog park.
“K2 has been a smashing success since it debuted in early 2013,” says Steven Fifield, president of Fifield Cos. “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.”
Pete Evans of Moran & Co. represented Fifield Cos. and Wood Partners in the sale. The $214.2 million sale price marks the highest amount to be paid for a Chicago downtown apartment tower since December 2012, which marked the sale of another Fifield project, the 848-unit Alta at K Station, for $302 million to Morguard Corp.
With the sale of K2, Fifield Cos. 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, says Fifield.
E2 consists of two buildings with separate entrances and lobbies at 1881 Oak Ave. and 1890 Maple Ave. in downtown Evanston. Residences at E2 offer studio, one-, two- and three-bedroom layouts.
In early 2015, Fifield Cos. will break ground on the 310-unit Avant River North. Located at Chestnut and Orleans streets, the 28-story apartment tower will be the prolific developer’s first project in River North.
Established in 1977, Fifield Cos. is a developer of urban office towers, luxury high-rise condominiums and rental apartments. The company has completed more than 60 projects in the United States worth more than $5 billion.
Wood Partners acquires, develops, constructs and property manages high density and mixed-use communities. The company currently owns more than 75 properties with a combined total of more than 21,000 units.
New York-based Georgetown Co. owns, operates, and manages real estate properties such as office, residential, retail, and recreational projects. The company was founded in 1978.
— Danielle Everson