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Waterton Acquires MF in Chicago’s South Loop
Waterton, a real estate investor and operator based in Chicago, has acquired the Alta Grand Central apartment community in the city’s South Loop neighborhood. Completed in 2020, Alta Grand Central is located at 221 W. Harrison Street and comprises 346 units across two 14-story buildings.
The property will be rebranded as The Grand Central. “This is a compelling opportunity to acquire a newer vintage property at an attractive basis,” said Julie Heigel, senior vice president, acquisitions at Waterton. Alta Grand Central is a modern rental community in a neighborhood with workforce residents in the healthcare, public service and consulting sectors.
“Chicago has been a leading performer in terms of apartment market fundamentals over the course of the last year, leading all major markets in net absorption and is projected to remain as such, given a healthy demand forecast and a muted supply pipeline,” said Lee Everett, vice president of research and strategy at Waterton.
