Chicago-based Fifield Companies and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif., have announced the sale of Echelon at K Station, a class A luxury apartment building in Chicago’s West Loop. Miami-based developer Crescent Heights purchased the 350-unit building for $104.5 million.
John Jaeger and Dan Cohen of CB Richard Ellis’ Multi Housing-Group represented Fifield Companies and Pacific Life Insurance Co. in the deal.
Located at 353 N. Desplaines St., Echelon at K Station 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. Floor plans range in size from 572 to 1,111 square feet with rents ranging from $1,565 to $2,845 per month.
Echelon’s full slate of luxury amenities include: a fitness center with Precor and Matrix Fitness Systems cardio and strength equipment, flat screen monitors and locker rooms; a landscaped outdoor deck with a swimming pool, barbeque area and lounge seating; game room and lounge; a business center and conference room; and a party suite, which includes a kitchen and dining area. Additional amenities include 24-hour maintenance and door staff, on-site valet dry cleaner and package receiving.
All residences at Echelon at K Station include kitchens with granite countertops and stainless steel appliances; in-home washer and dryer; and individually controlled heating and air conditioning.
The building is part of a 2,100-unit, five-tower master-planned development called K Station, which Fifield Companies broke ground on eight years ago. The development is located just north of the Fulton River District and west of the Chicago River.
With the sale of Echelon complete, as well as an earlier tower called Left Bank at K Station, Fifield Companies is currently leasing two apartment buildings at K Station: Alta West Tower and Alta East Tower. Ground was broken in November 2011, for the fifth and final tower at the development, K2.
