U.S. Opportunity for Canadian Investors
Joint Venture with Institutional Partner
Category
- Value Creation
- Multi-Suite Residential
Ownership
- Co-investment - North
- American Residential
- REIT and HOOPP
Services
- Asset Management
- Property Management
“This joint venture allows Heathcare of Ontario Pension Plan (HOOPP) to continue to expand our U.S. portfolio with our first Chicago investment in a well-located, high-quality real estate asset that will provide stable income and tangible long-term growth potential.”
- Richard Varkey, Senior Portfolio Manager, HOOPP
The Opportunity
Acquire a premium multi-suite residential property in a major U.S. urban market that supports Morguard’s strategic initiative to acquire clusters of premium properties in key markets while allowing HOOPP, a Canadian institutional client, to diversify their real estate portfolio in the U.S.
The Value Proposition
Coast at Lakeshore East is a 46-storey Class A property prominently located Chicago’s famed Loop district. Developed in 2013, Coast offers:
-
- Best-in-class fundamentals including nine-foot ceilings, above-average unit sizes and floor-to-ceiling windows
- 18,000 square feet of ground floor retail
- A focus on healthy living with a smoke-free environment, world-class fitness centre, heated outdoor pool and access to the Chicago Pedway
The Result
The REIT and HOOPP completed of a joint venture acquisition of Coast on a 51/49 basis, respectively. Morguard Management Company will act as property and leasing manager as well as provide advisory services. The property will provide both partners with stable income and tangible long-term growth potential.
