CHICAGO-Locally based Waterton Associates LLC is selling one of its apartment towers downtown and buying another. Mark Stern, SVP, confirms that the company is selling the 399-unit River North Park apartment tower that it purchased in May 2006 for $60 million.
Stern says Waterton has hired HFF to find a buyer for the River North property, located at 320 W. Illinois St. He says the time is now right to sell. Reports say that Waterton seeks more than $100 million for the building, though Stern tells GlobeSt.com he doesn’t know where that figure came from.
“I sure hope so,” he says about getting that much for the tower. “I do think this property checks all the boxes. It’s transit-orientated and is in one of the hottest markets. There’s just not a product out there like this available for sale in the downtown.”
Waterton is also looking to buy the 264-unit Seneca apartment hotel at 200 E. Chestnut St. from Irmco Properties and Management Corp. Since the firm hasn’t yet signed a contract for the property, Stern says he can’t comment on the deal. “We’re close,” he says.
Including the 96%-occupied River North, the company has 10 properties in the Chicago area, including the Mondial at 910 W. Huron St., Presidential Towers at 555 W. Madison and One E. Delaware, which Waterton purchased for $90 million in early 2007. Nationwide, the firm owns 16,000 apartments in 13 states.
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