CHICAGO — Miami-based developer Crescent Heights has purchased Echelon at K Station — a 350-unit, Class A luxury apartment building in Chicago’s West Loop — for $104.5 million. The seller was Chicago-based Fifield Cos. and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif.
The building is part of a 2,100-unit, five-tower master-planned development called K Station, which Fifield Cos. broke ground on 8 years ago. Located just north of the Fulton River District and west of the Chicago River, K Station is one of downtown Chicago’s largest residential developments.
Located at 353 N. Desplaines St., Echelon at K Station is 95 percent leased. The high-rise 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.
“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 Cos., in a prepared statement.
“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,” continued Fifield.
Echelon’s amenities include a fitness center with 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.
All residences at Echelon at K Station feature kitchens with granite countertops and stainless steel appliances, a washer and dryer, and individually controlled heating and air conditioning.
“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,” said 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.”
With the sale of Echelon complete, as well as an earlier tower called Left Bank at K Station, Fifield Cos. is currently leasing two apartment buildings at K Station: Alta West Tower and Alta East Tower. Ground was broken in November 2011 for the fifth and final tower at the development, K2.
John Jaeger and Dan Cohen of the Chicago office of CBRE represented Fifield Cos. and Pacific Life Insurance Co. in the transaction.
— Matt Valley