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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.

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          Morguard - Real Estate Ownership, Management and Investment

          Morguard is a fully integrated real estate company. We own, manage and invest in high-quality, well-located . . .

          https://www.morguard.com/#sthash.caSjKNwO

           
           

           

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