Echelon and Alta at K Station For Sale
If you won the lottery last night, and aren’t sure what to do with all that money, I’ve got one word for you: “Skyscrapers.”
The residential towers Alta at K Station (555 West Kinzie Street), and Echelon at K Station (353 North DesPlaines Street) are both for sale. You can buy them as a pair, but Fifield Companies and Pacific Life are more than happy to break up the set. Read the full release from the companies below:
Fifield Companies to Sell Echelon and Alta at K Station Apartment Buildings in Downtown ChicagoCHICAGO – (August 16, 2011) Chicago-based Fifield Companies and its joint-venture partner, Pacific Life Insurance Co. of Newport Beach, Calif., have announced their two Class A luxury apartment complexes in Chicago’s West Loop are available for sale – Echelon and Alta at K Station. The two complexes can be sold individually or together.
“As a commercial developer, it’s our business model to build, hold for a short time and then sell when the timing is right,” said Steven Fifield, president and founder of Fifield Companies. “The apartment market is very strong right now. It’s the hottest asset class around and these two buildings are high-performing rentals that offer an investor a great opportunity to own a large market share of the West Loop.”
John Jaeger and Dan Cohen of CB Richard Ellis’ Multi Housing-Group are representing Fifield Companies and Pacific Life Insurance Co. in the sale. According to Jaeger and Cohen, Echelon and Alta will appeal to an investor looking for an irreplaceable core-quality multi-housing Investment in the highly desirable West Loop sub-market of downtown Chicago.
With premium interior finishes and well-appointed amenities, Echelon and Alta at K Station are both Class A luxury apartment buildings, which is one of the highest-leased apartment market segments in Chicago.
Located at 353 N. Desplaines St., Echelon at K Station was completed in 2008 and 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.
The building’s full slate of luxury amenities include: the spa, a fitness center with Precor and Matrix Fitness Systems cardio and strength equipment, flat screen monitors and locker rooms; the terrace, a landscaped outdoor deck with a swimming pool, barbeque area and lounge seating; the game room and lounge; the home office; a business center and conference room; and the 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.
Located at 555 W. Kinzie St., the two-tower Alta at K Station complex includes 848 luxury residences and is the largest Gold LEED-certified apartment building in the country. Currently 87 percent leased, Alta at K Station is comprised of two towers, the37-story, 420-unit West Tower and the 41-story, 428-unit East Tower. Both towers have been open since June 2010.
“Since opening its doors, Alta at K Station has leased more apartments than any other luxury rental in downtown Chicago,” said Fifield. “With a great location and the highest level of finishes and amenities, Alta at K Station is the premier choice for city renters.”
Both towers offer studio, one- and two-bedroom floor plans with one to two baths, as well as several three bedroom penthouses. Floor plans range from 508 to 1,807 square feet with rents starting at $1,455 per month.
The complex includes an array of on-site amenities, such as a 48,000-square-foot amenity deck called K2 Club that features a full-court indoor sports court for basketball, volleyball, tennis and various exercise classes. K2 also offers a resident lounge; party suite and private balcony equipped with outdoor seating and a grill; business center; 22-seat stadium-style theater; men’s and women’s locker rooms, each with a sauna; and two state-of-the-art workout areas featuring Technogym equipment with iPod compatibility. K2 also features an outdoor sun terrace with a pool, outdoor spa, private cabanas, gourmet grill kitchen and a gas fire pit.
Additionally, Alta at K Station offers 24-hour maintenance, a guest services staff and an on-site valet dry cleaner. This fall a Blue Agave Restaurant and Tequila Bar will occupy 6,000 square feet of retail space in the building’s ground floor.
All residences at Echelon and Alta at K Station include kitchens with granite countertops and stainless steel appliances; in-home washer and dryer; and individually controlled heating and air conditioning.
Both complexes are part of a master-planned development called K Station, which in addition to featuring apartment buildings also includes a one-acre public park called ThePark at K Station. ThePark features abundant green space, walking paths, a family play area with playground, dog-friendly area and multiple seating areas. ThePark is also host to live entertainment, including Chicago’s Movies in the Park series of free movies.
Interested parties can contact John Jaeger at (312) 935-1037 or email@example.com.