Morguard acquires 50% ownership in residential complex in Downtown Chicago
Morguard North American Residential REIT has acquired a 51 percent ownership interest in a luxury residential complex, the Marquee at Block 37, in Chicago.
The REIT has agreed to acquire the remaining 51 percent not already owned by Morguard Corp. from its investment partner, with whom the property was developed in 2016.
On closing, Morguard Corp. will increase its ownership from 49 percent to 50 percent and will operate the property on a 50/50 joint venture basis with the REIT.
The transaction is expected to close by mid-December for a purchase price of $265million
The Marquee at Block 37 is a 38-story, high-rise apartment building located at the corner of West Randolph Street and North State Street in the heart of the city’s downtown and features 691 rental apartments, 130 parking spaces and extensive best-in-class amenities.
The property offers studio, one-, two- and three-bedroom apartments ranging in size from 650 square feet to 2,100 square feet and features upscale finishes, spaces filled with natural light, and unique lake and city views from the heart of the Loop. The Marquee at Block 37 sits atop Block 37, a third party–owned, 275,000-square-foot, four-story vertical mall with 276 retail spaces. The property is connected to the Loop’s Pedway system, which offers subterranean shelter from the city’s varied weather conditions.