Chicago-based Fifield Companies and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif., have announced their two Class A luxury apartment complexes in Chicago’s West Loop – Echelon and Alta at K Station – are available for sale, an indication of Chicago’s booming apartment market.
“As a commercial developer, it’s our business model to build, hold for a short time and then sell when the timing is right,” said Steven Fifield, president and founder of Fifield Companies. “The apartment market is very strong right now. It’s the hottest asset class around and these two buildings are high-performing rentals that offer an investor a great opportunity to own a large market share of the West Loop.”
Echelon and Alta at K Station are both Class A luxury apartment buildings, one of the highest-leased apartment market segments in Chicago.
Located at 353 N. Desplaines St., Echelon at K Station was completed in 2008 and is 95 percent leased. A 350-unit high-rise, Echelon at K Station includes studio, one- and two-bedroom residences with one to two baths. The building’s amenities include: a fitness center with flat screen monitors and locker rooms; a terrace with a landscaped outdoor deck and swimming pool, barbeque area and lounge seating; and a party suite, which includes a kitchen and dining area.
Located at 555 W. Kinzie St., the two-tower Alta at K Station complex includes 848 luxury residences. Currently 87 percent leased, Alta at K Station is comprised of two towers, the 37-story, 420-unit West Tower and the 41-story, 428-unit East Tower. Both towers have been open since June 2010 and offer studio, one- and two-bedroom floor plans with one to two baths, as well as several three bedroom penthouses.
And apartments are not the only Chicago market that is showing improvement. July sales of condos rose 2.1 percent, with sales in Lakeview rising 33 percent, 29 percent in Auburn-Gresham, and almost 50 percent in Hyde park.
“We had a really lousy spring, but the market took off about 60 days ago, and things are going under contract like wild,” said Jeanne Spurlock, broker/owner at Century 21 Kennedy, Ryan, Monigal and Associates.