In one of the largest apartment deals this year, Canadian multifamily REIT Morguard Corp CEO Rai Sahi tells us they'll pay $300M for Alta at K Station, noting that it's new and well located in a busy market. One of the sellers, Fifield Cos CEO Steve Fifield, says the sale follows the team’s original business plan. | ||
Rai laid out the perks: Alta was completed in ’10, is downtown, close to rapid transit, and was listed with CBRE. Price tag on the 848-unit complex: $354k/ apartment. But what about the other downtown multifamily rental projects in development—is there a glut in the city? Not according to Rai: “They indicate that there’s depth in the market.” Eventually, it will all get leased. The other multifamily developers are major companies that do their research. The sale will close by Dec. 27. Morguard, which is publicly traded on the TSX, has agreed to buy a total of $700M in assets this quarter. It's shopping for more in LA, Denver, Dallas and Atlanta. | ||
| Steve Fifield(whose company developed the complex in a JV with Newport Beach-based Pacific Life Insurance Co) says the two-building Alta complex—427 apartments at 555 W Kinzie St and 421 units at 365 N Jefferson St—is 94.5% occupied. The asset's rich amenity packageincludes a 32k SF gym with an Olympic-size pool, a full basketball court for pick-up games and a business center with nine computer stations. Adds Steve: "All of this creates a sense of community that encourages tenants to stay longer." | ||
Bisnow Exclusive Interview $300M Alta Buyer
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