Waterton, Angelo Gordon tap JLL to sell River North Park apartment building

400-unit property was most appraised at $140M last year

River North Park at 320 W Illinois St (rivernorthpark.com)
River North Park at 320 W Illinois St (rivernorthpark.com)

Another downtown apartment building is up for sale.

Co-owners Waterton and Angelo Gordon have tapped JLL to sell River North Park, a 24-story, 400-unit complex at 320 West Illinois Street, Crain’s Chicago Business reported.

The building was appraised at $140 million when the owners secured an $88 million refinancing on it last year, according to the publication.

River North Park, built in 1987, has undergone a number of changes since Waterton bought the property for $60.1 million in 2006, including more than $13 million in renovations and other improvements. (Angelo Gordon acquired a majority stake through a recapitalization five years ago.)

Filings show it was 97 percent occupied as of this summer and generated a net income of just under $5 million in 2020.

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Waterton and Angelo Gordon aren’t the only landlords looking to take advantage of the recovering rental market downtown. The 171-unit Bernadin in River North, placed on the market in June, recently sold for upwards of $95 million, Crain’s reported, citing sources close to the deal.

Waterton is also buying. Just across the river, the multifamily investor recently acquired the 608-unit Tides at 360 East South Water Street and the 548-unit Shoreham at 400 East South Water Street. Though the terms of those sales have not been revealed, the pair of towers may have fetched an estimated $400 million, according to the publication.

Waterton owns more than $7 billion in assets across the country, including two other Chicago buildings, the 2,346-unit, four-building Presidential Towers complex in the West Loop and the 600-unit North Harbor Tower located just south of the Shoreham.

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[Crain’s] — Victoria Pruitt