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Waterton Adds Two Lakeshore East Towers to Chicagoland Portfolio
Waterton has acquired The Shoreham at Lakeshore East at 400 E. South Water St. and The Tides at Lakeshore East at 360 E. South Water St., comprising 1,156 units in downtown Chicago’s Lakeshore East neighborhood. Although the purchase price wasn’t disclosed, Crain’s Chicago Business reported in late September that it was believed to total around $400 million.
The properties will benefit from Waterton’s value-add program and the locally based investor/operator’s operational experience locally. With this acquisition, Waterton will have 10 rental communities in Chicagoland totaling over 6,600 units.
“The Shoreham and The Tides are a natural fit for Waterton’s portfolio, and we are excited to grow our footprint in our own backyard,” said Julie Heigel, VP, acquisitions at Waterton. “We believe that the multifamily investment fundamentals in Chicago are favorable. Record-setting absorption as renters return downtown, coupled with historically low levels of new construction, continues to fuel Chicago’s recovery.”
- ◦Sale/Acquisition
