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Waterton Adds to San Francisco Multifamily Holdings
Chicago-based Waterton, a national real estate investor and operator, said Wednesday it had acquired L Seven, a 410-unit mid-rise apartment community located at 1222 Harrison St. in San Francisco’s SoMa neighborhood. Seller and pricing were not disclosed. Waterton will institute a light value-add program focused on enhancing underutilized amenity spaces while prolonging the life of the asset.
“We’re excited to add L Seven to Waterton’s San Francisco portfolio, where we’re seeing positive momentum in the city’s post-pandemic recovery,” said Kevin Ibasco, SVP, acquisitions at Waterton. “San Francisco is a high barrier to entry market with very limited supply under construction. The high cost of homeownership, coupled with a highly educated workforce and strong technology presence, particularly in the high-growth AI segment, gives the area strong long-term fundamentals.”
The acquisition brings Waterton’s owned and managed multifamily portfolio in the San Francisco metro area to more than 970 units.
- ◦Sale/Acquisition
