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Four 50-Story Apartment Towers Trade for $470M

CHICAGO-Waterton Residential is buying Presidential Towers, four 50-story buildings, from the Pritzker family for approximately $470 million.

By Gina Kenny | Updated on April 25, 2007

(Read more on the multifamily market.)

CHICAGO-Waterton Residential, an affiliate of Chicago-based Waterton Associates LLC, has purchased the Presidential Tower apartment complex from the Pritzker family. The four 50-story apartment towers are located on a 5.8-acre lot surrounded by Madison, Des Plaines, Monroe and Clinton streets. Waterton purchased the property for approximately $470 million, says Mark Stern, senior vice president of acquisitions for Waterton. Stern said he could not disclose a cap rate.

The four towers have a total of 2,346 apartments with studio, convertible, one-bedroom and two-bedroom units. About 7% of the units are currently vacant, Stern tells GlobeSt.com. The average rent for the apartments is $1,300 with an average size of 655 sf, Stern says. Approximately 10% of the units are furnished corporate rentals and guest suites.

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