Kind of a big deal: Waterton buying 1.1K apartments in Lakeshore East

2-tower purchase latest sign that Chicago’s multifamily market is back

Chicago /
Oct.October 01, 2021 02:54 PM
Kind of a big deal: Waterton buying 1.1K apartments in Lakeshore East

The Tides and The Shoreham at 360 and 400 East South Water Street, and Waterton’s David Schwartz (Realtor, Apartments.com, Waterton)

For the latest sign that the Chicago rental market has barreled back from last year’s lows, turn to Lakeshore East.

That’s where multifamily investor Waterton has a preliminary agreement to buy two towers totaling 1,100 units, Crain’s reported.

The multifamily investor will acquire the 608-unit Tides at 360 E. South Water Street and the 548-unit Shoreham at 400 E. South Water, according to the report.

The deal could be worth around $400 million, Crain’s noted. The seller is AFL-CIO Building Investment Trust.

The Shoreham, built in 2005, hit the market in late April, with CBRE hired to sell the building.

The Tides opened in 2008.

The properties are located near the St. Regis Chicago, the luxury condo and hotel skyscraper that has had several big sales lately. 

Rents have been on the rise in Chicago and investors are once again looking to cash in. In June, FPA Multifamily secured a $100 million acquisition loan ​​for its purchase of the 1,000-unit McClurg Court in Streeterville.

The Tides and Shoreham will join other properties in Waterton’s portfolio including North Harbor Tower in Lakeshore East, which it purchased in 2018.

[Crain’s] — Victoria Pruitt





    Related Articles

    arrow_forward_ios
    Fritz Kaegi, Cook County assessor (Getty Images, iStock/Illustration by Steven Dilakian for The Real Deal)
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    Cook County assessor Kaegi’s office collects $15M of ineligible tax exemptions
    (iStock)
    Strong Chicago homes sales in December set stage for a robust 2022
    Strong Chicago homes sales in December set stage for a robust 2022
    (iStock)
    Chicago’s minority communities are billed far more for less water
    Chicago’s minority communities are billed far more for less water
    Compass poaches eight-agent @properties team
    Compass poaches eight-agent @properties team
    Compass poaches eight-agent @properties team
    4559 S Prairie Ave (Zillow)
    Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
    Why Bronzeville’s gentrification may become a model for other Chicago neighborhoods
    ESG Kullen's Eric Granowsky (principal an
d co-founder) and Tom DelPonti (founding principal) (ESG Kullen, The Oliver on LaSalle)
    New York investor wants to cash out on condo-to-apartment converted building
    New York investor wants to cash out on condo-to-apartment converted building
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Chicago suburbs will be another sellers’ market this year: Coldwell Banker’s Dawn McKenna
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West (Compass, iStock, Illustration by Kevin Cifuentes for The Real Deal)
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
    Former NBA player Alec Peters selling condo at Chicago’s Three Sixty West
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...