Morguard North American Residential REIT Completes Acquisition of a Class A Multi-Suite Residential High-Rise in Downtown Chicago

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[{"type":"text","content":"\n \n \n \n Morguard North American Residential REIT Completes Acquisition of a Class A Multi-Suite Residential High-Rise in Downtown Chicago\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n The REIT has purchased Xavier Apartments, a luxury residential community in\n \n Chicago's\n \n Near North neighborhood\n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n March 29, 2023\n \n \n /CNW/ - Morguard North American Residential REIT (TSX: MRG.UN) (the \"REIT\") recently acquired Xavier Apartments, a Class A 240-suite residential building in\n \n Downtown Chicago\n \n . Located at 625 West Division Street, Xavier Apartments has distinctive appeal as a rental residence with its proximity to shopping, entertainment, employers, and future development that will fuel demand.\n \n \n The transaction closed at a purchase price of\n \n US$81.0 million\n \n , excluding closing costs. The REIT funded the acquisition with net proceeds from the disposition of a property during the fourth quarter of 2022 and cash on hand.\n \n \n \"We are excited to acquire this institutional-quality asset in\n \n Chicago's\n \n vibrant Near North neighborhood,\" said\n \n Rai Sahi\n \n , Chief Executive Officer, Morguard North American Residential REIT. \"The purchase of Xavier Apartments fits perfectly with our strategy to enhance portfolio quality in markets with strong fundamentals.\"\n \n \n Xavier Apartments is a LEED Gold premium mixed-use residential property with a distinct green-living design, first-class amenities, and a community atmosphere. Built in 2015, the 18-story tower comprising 240 suites, includes 77 studios, 120 one- and 43-two-bedroom suites featuring attractive design and finishes. Residents of Xavier Apartments have access to two outdoor terraces with unobstructed city views, a modern fitness center, a sundeck and pool, a rooftop lounge and reserved parking with car charging stations. Each suite offers high efficiency heating and cooling systems, LED lighting, and Energy Star-rated appliances. ...

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