- Morguard North American Residential REIT (MRG.UN) has acquired a property in Chicago
- The Class A multi-suite residential complex is located in downtown Chicago
- The Ontario-based real estate investment trust paid US$133 million for the property, excluding closing costs
- The building features 350 luxury apartments, 280 parking spaces and amenities including a resort-style pool and sundeck
- Morguard North American Residential REIT is unchanged, trading at $18.01 at 1:28 pm ET
Morguard North American Residential REIT (MRG.UN) has acquired a Class A multi-suite residential complex in downtown Chicago.
The building is in close proximity to major employers, restaurants, shopping, and entertainment venues.
The Ontario-based real estate investment trust paid US$133 million for the property, excluding closing costs.
The building features 350 luxury apartments, 280 parking spaces and amenities, including a resort-style pool and sundeck.
“We are excited to again expand our footprint in Chicago by acquiring this best-in-class, multi-suite property,” said Chief Executive Officer Rai Sahi.
“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 unit holder value.”
The acquisition represents the continued expansion of the company’s Chicago portfolio, which now comprises ownership and management of 2,403 apartment suites valued at C$1.1 billion.
“Apartments are in demand in this sought-after neighbourhood making Echelon Chicago an excellent long-term investment opportunity,” said Senior Vice President, U.S. Operations John Talano.
Morguard North American Residential REIT is unchanged, trading at $18.01 at 1:28 pm ET.