Home News South Loop Alta Roosevelt apartments selling to Waterton from Wood Partners

South Loop Alta Roosevelt apartments selling to Waterton from Wood Partners

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Even at a price of $170 million, the deal would be the largest single-family multifamily sale of the year in the Chicago area, according to New York-based research firm Real Capital Analytics.

It’s unclear why the previous deal failed, but rapidly rising interest rates and volatile financial markets disrupted many commercial real estate deals and put downward pressure on prices. With borrowing costs rising, many investors are paying less for real estate than they were at the beginning of the year when interest rates were much lower.

But that doesn’t stop many property owners from trying: at least four major downtown apartment complexes hit the market In the past month or so, it includes Spoke on River West and Next on Near North Side.

One factor in favor of landlords is that downtown apartment occupancy is the highest in almost a decade, and rents are still rising. all-time high in the second quarter. Concerns about rising property taxes in Cook County are curbing multifamily enthusiasm for the city.

Executives at Evergreen, American Landmark and Waterton did not respond to requests for comment. Chicago-based Jones, who was hired to sell Alta Roosevelt, and his Lang his LaSalle broker were also not available for comment. A spokeswoman for Wood Partners declined to comment.

Owning more than 6,600 apartments in the Chicago area, Waterton knows the city well. last December, According to Real, the company paid $179.5 million for Shoreham, a 548-unit tower at 400 E. South Water St., and for Tides, a neighboring 608-unit building at 360 E. South Water St. Paid $209 million. capital analysis. Waterton also owns the Presidential Towers, his 2,346-unit apartment complex of four buildings in West Loop.

Waterton owns approximately 26,000 apartments nationwide and plans to own more. Last year, the company closed his $1.5 billion equity fund. Including debt, the fund has the ability for him to invest more than $4 billion in apartments. It’s unclear how much of the fund’s shares Waterton has invested.

Waterton was also a seller – or at least tried to be. Last fall, the company hired JLL sold River North Park, The 400-unit building at 320 West Illinois Street never changed ownership, and JLL no longer lists the property on its website.

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