Morguard North American Residential REIT has acquired the luxury apartment tower Xavier Apartments in Cabrini-Green neighborhood, Chicago for $81m, in a move capitalising on the area's ongoing gentrification. The 18-storey, 240-unit complex was built in 2015 and includes studios, one-bedroom and two-bedroom apartments, ranging from $1,848 to $3,450 per month, which Morguard said would complement its existing Chicago holdings. The purchase was funded from cash generated from the sale of some Morguard properties and cash on hand. The Cabrini-Green neighbourhood, which formerly housed Chicago public housing, now boasts an average rent of $2,511, higher than the citywide average of $2,215.