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Morguard Adds Near North Rentals to Chicago Portfolio
Canada-based Morguard North American Residential REIT recently acquired Xavier Apartments, a Class A 240-suite residential building in Chicago’s Near North neighborhood. Located at 625 W. Division St., Xavier Apartments was acquired for US$81 million, excluding closing costs. The seller was identified in published reports as Portland, OR-based Green Cities, the property’s developer.
“We are excited to acquire this institutional-quality asset in Chicago’s vibrant Near North neighborhood,” said Morguard CEO Rai Sahi. “The purchase of Xavier Apartments fits perfectly with our strategy to enhance portfolio quality in markets with strong fundamentals.”
The acquisition represents the continued expansion of the Morguard group’s Chicago portfolio, which now comprises ownership and management of 2,643 apartment suites, valued at approximately US$950 million. In addition to Xavier Apartments, Morguard’s high-rise multi-suite residential assets in the city include Echelon Chicago, Alta at K Station, Coast at Lakeshore East, and Marquee at Block 37, all located in downtown Chicago.
- ◦Sale/Acquisition
