The REIT has purchased Xavier Apartments, a
luxury residential community in Chicago's Near North neighborhood
MISSISSAUGA, ON, March 29,
2023 /CNW/ - Morguard North American Residential REIT
(TSX: MRG.UN) (the "REIT") recently acquired Xavier
Apartments, a Class A 240-suite residential building in
Downtown Chicago. 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.
The transaction closed at a purchase price of US$81.0 million, 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.
"We are excited to acquire this institutional-quality asset in
Chicago's vibrant Near North
neighborhood," said Rai Sahi, 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."
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.
Xavier Apartments is conveniently located close to a variety of
restaurants, shopping, and entertainment options, as well as offers
direct access to Chicago Public Transit.
"Xavier Apartments' sustainable design, condo quality features
make it an excellent addition to our Chicago portfolio" said John Talano, Senior Vice President, US
Operations. "Xavier is Morguard's first step into Chicago's Near North neighborhood which will
further diversify our Chicago
presence, making it an exceptional investment for the REIT".
The acquisition represents the continued expansion of the
Morguard group's Chicago portfolio, which now comprises
ownership and management of 2,643 apartment suites, valued
at approximately US$950.0
million. In addition to Xavier Apartments, Morguard's
high-rise multi-suite residential assets in the city include
Echelon Chicago, Alta at K Station, Coast at Lakeshore East, and
Marquee at Block 37, all located in downtown Chicago.
About Morguard North American
Residential REIT
The REIT is an unincorporated, open-ended real estate investment
trust established under and governed by the laws of the Province of
Ontario. The Units of the REIT trade on the Toronto Stock
Exchange under the ticker symbol MRG.UN. With a strategic focus on
the acquisition of high-quality multi-suite residential properties
in Canada and the United States, the REIT maximizes
long-term Unit value through active asset and property management.
The REIT's portfolio consists of apartment communities located in
Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North
Carolina, Virginia, and
Maryland. For more information,
visit the REIT's website at www.morguard.com.
SOURCE Morguard North American Residential REIT