Meanwhile, Waterton Affordable Housing has paid $8.3 million for the 154-unit New Vistas II in Chicago's South Shore neighborhood, property records show. Using tax-exempt bonds and the syndication of tax credits to buy the six-building complex two blocks from the South Shore Country Club, Waterton Affordable Housing is aiming to buy $50 million to $100 million of other affordable properties over the next 18 months.

Although terms of the individual sales were not disclosed, property records indicate Woodfield Gardens Apartments sold for $55.9 million, or nearly $81,000 per unit. The acquisitions were made by Waterton Residential Property Fund VII and VIII, which are joint ventures with the California State Teachers Retirement System.

Waterton Associates bought Crystal Cove Apartments, its fifth purchase in the Seattle area. It also bought the 410-unit Los Cabos Apartments in North Las Vegas and 264-unit Jovanna Villas Apartments in Las Vegas. Those properties are likely value-added candidates, Waterton Associates suggest.