Morguard North American Residential REIT Completes Acquisition of Luxury Residential Complex in Downtown Chicago

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[{"type":"text","content":"\n \n \n \n Morguard North American Residential REIT Completes Acquisition of Luxury Residential Complex 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 Echelon Chicago, a premium multi-suite residential property located in Chicago's trendy Fulton River District\n \n \n \n \n \n MISSISSAUGA, ON\n \n \n ,\n \n \n Aug. 18, 2022\n \n \n /CNW/ - Morguard North American Residential REIT (TSX: MRG.UN) (the \"REIT\") recently acquired Echelon Chicago, a Class A multi-suite residential complex, in downtown\n \n Chicago\n \n . 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.\n \n \n The transaction closed at a purchase price of US$133.0 million, excluding closing costs. Concurrent with the acquisition, the REIT completed mortgage financing on the property in the amount of\n \n US$74.7 million\n \n for a seven-year term at an interest rate of 4.71%.\n \n \n \"We are excited to again expand our footprint in\n \n Chicago\n \n by acquiring this best-in-class, multi-suite property,\" said\n \n Rai Sahi\n \n , Chief Executive Officer, Morguard North American Residential REIT. \"This acquisition supports Morguard's North American growth strategy to acquire high-quality core assets. We are building on our successful track record of ownership and management of real assets to deliver unitholder value.\"\n \n \n Echelon\n \n Chicago\n \n is a 39-storey, high-rise apartment building located in the Kinzie Station neighbourhood of\n \n Chicago's\n \n West 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\n \n Chicago\n \n sk...

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