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Chicago & Midwest  + Downtown  + Apartments  | 

South Loop Apartments Poised to Sell in Chicago’s Biggest Resi Deal of 2022

Waterton has agreed to acquire Alta Roosevelt, a 496-unit high-rise at 801 S. Financial Place in Chicago’s South Loop, from the building’s developer, Atlanta-based Wood Partners, reported Crain’s Chicago Business. It would be the biggest single-property multifamily sale in the Chicago this year. 

Wood Partners, which put the property up for sale in February, had reached a deal to sell it for $180 million a few months ago, Crain’s reported. However, the buyers, a joint venture between Skokie, IL-based American Landmark Properties and Chicago-based Evergreen Real Estate Group, pulled out of the transaction. 

Although it’s unclear why the earlier deal fell through, Crain’s noted that rapidly rising interest rates and volatile financial markets have disrupted many commercial real estate deals and put downward pressure on prices. Amid rising borrowing costs, many investors won’t pay as much as they would have at the start of 2022, when interest rates were lower. 

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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