Chicago-based Fifield Companies and its joint-venture partner, Houston-based Wood Partners, have announced that Georgetown Co. has purchased the 496-unit Class A luxury apartment development K2 Apartments for $214.25 million.
“K2 has been a smashing success since it debuted in early 2013,” said Steven Fifield, president of Fifield Cos. “Renters responded enthusiastically to our grandest design yet, and in less than two years, we are near full occupancy. That is a testament to K2 and the strength of the luxury rental market. This lifestyle has shown no signs of slowing down and this investment by Georgetown will deliver for years to come.”
Pete Evans of Moran & Co. represented Fifield Companies and Wood Partners in the sale. The $214.25 million sale price marks the highest amount to be paid for a Chicago downtown apartment tower since December 2012, which marked the sale of another Fifield project, the 848-unit Alta at K Station, for $302 million to Morguard Corp.
“This culminates the completion of our K Station project,” Randy Fifield, vice chairman, added. “It really is amazing to see what we have accomplished in the past 10 years with this neighborhood, delivering five separate high rises and a total of 2,145 luxury rental units to the Fulton River District. As a result, this neighborhood has transformed considerably. What once was a somewhat blighted area is now one of Chicago’s hottest residential markets, supporting award-winning restaurants, first-class retail and new job centers. The residential momentum at K Station has been the catalyst for this growth. When Google and 1K Fulton open next year, the neighborhood will be even hotter.”
Located at 365 N. Halsted St., K2 includes 496 luxury apartments and is currently 95 percent leased. Residences include a mix of studio, one-, two- and three-bedroom apartments, all with access to a full suite of amenities, including a state-of-the-art fitness center, 70-foot lap pool, theater room, bike storage for 200 bikes, a half-acre dog park and many others.
With the sale of K2, Fifield Companies will now shift its attention to the upcoming first quarter opening of the 356-unit E2 luxury apartments in Evanston, Ill., and the groundbreaking for Avant River North, a 310-unit luxury high-rise at 347 W. Chestnut St. in Chicago’s River North neighborhood.
“We are bringing the luxury rental lifestyle to the suburbs with our latest development in Evanston,” said Randy Fifield. “With each project, we like to raise the bar a little bit higher and E2 will not disappoint. This development will have the finest finishes and amenities of any Fifield project to date. We cannot wait to share this new community with the North Shore and North Side residents looking for a hip, urban lifestyle.”
E2 consists of two buildings with separate entrances and lobbies at 1881 Oak Ave. and 1890 Maple Ave. in downtown Evanston. The buildings are connected by a four-story structure that includes three floors of parking and a fourth-floor amenity deck like those that Fifield built at Alta and K2 apartments in Chicago. The property also offers 12 street-level, luxury three-bedroom townhomes along Emerson Street ranging in size from 1,600 to 1,750 square feet, plus individual outdoor decks.
Residences at E2 offer studio, one-, two- and three-bedroom layouts. Amenities will be top-flight in keeping with Fifield’s current luxury apartment developments in downtown Chicago, including such features as a full-size basketball court, lounge and party room area, large screen theater, business center with conference room, coffee bar, and an outdoor pool and spa with cabanas and grills. Units come equipped with quartz countertops, plank floors, stainless steel appliances, in-unit laundry, oversized windows with dramatic lake or downtown views and high-end lighting and Grohe plumbing fixtures.
In early 2015, Fifield Cos. will break ground on the 310-unit Avant River North. Located at Chestnut and Orleans streets, the 28-story apartment tower will be the prolific developer’s first project in River North.
“We have always wanted to develop in this dynamic neighborhood and Avant River North will be the pinnacle of luxury rentals that Chicago has to offer,” said Steven Fifield. “We are confident that we will deliver another gem for the city’s skyline and an amazing community for future residents.”