Morguard North American Residential REIT recently acquired Echelon Chicago, a Class A multi-suite residential complex, in downtown Chicago. Located on Desplaines Street, the Echelon Chicago has broad ranging appeal as a rental residence with its close proximity to major employers, restaurants, shopping, and entertainment venues. The transaction closed at a purchase price of USD 133.0 million, excluding closing costs.

Concurrent with the acquisition, the REIT completed mortgage financing on the property in the amount of USD 74.7 million for a seven-year term at an interest rate of 4.71%. Echelon Chicago is a 39-storey, high-rise apartment building located in the Kinzie Station neighbourhood of Chicago'sWest Loop. It features 350 luxury apartments, 280 parking spaces and extensive best-in-class amenities including a resort style pool and sundeck, cardio and fitness centre, business centre and grilling stations.

The property has studio, one, and two- bedroom apartments, with an average unit size of 786 square feet featuring upscale finishes and Chicago skyline views from all vantage points. The building is an Equitable Transit Oriented Development, with convenient access to public transit, freeways and is a true walk-to-work location. Echelon Chicago is adjacent to the Park at K Station, a one-acre public park with a spacious dog run, and surrounded by many clubs, museums, and restaurants, including West Loop's Restaurant Row and Greek Town.

The acquisition represents the continued expansion of the Morguard group's Chicago portfolio, which now comprises ownership and management of 2,403 apartment suites, valued at CAD 1.1 billion. In addition to Echelon Chicago, Morguard's high-rise multi-suite residential assets in the city include Alta at K Station, Coast at Lakeshore East, and Marquee at Block 37, also located in the Loop area.