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Two Lakeshore East Apartment Towers Are Poised for Sale
Locally based Waterton is stocking up on more Chicago apartments, with a deal to buy two towers in Lakeshore East from the AFL-CIO Building Investment Trust, Crain’s Chicago Business reported. The owner of the Presidential Towers in the West Loop has a preliminary agreement to buy the 608-unit Tides and the 548-unit Shoreham, according to Crain’s.
It’s not clear what Waterton is paying for the properties, but it could approach $400 million. That would represent a further thawing of the downtown apartment investment market, which recently has shaken off the doldrums that set in when the COVID-19 pandemic began.
CBRE is marketing the two properties for the AFL-CIO trust, which bought out its development partner, Magellan Development Group, about five years ago. Although the properties are less than 20 years old, “there remains a rent gap compared to the top-tier downtown Chicago multifamily assets,” according to a CBRE marketing flyer.
- ◦Sale/Acquisition
