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Waterton Closes on Acquisition of Alta Roosevelt Apartments in South Loop
Waterton closed on its acquisition of the 496-unit Alta Roosevelt Apartments at 801 S. Financial Pl. in Chicago’s South Loop. Although the purchase price wasn’t disclosed, earlier reports put it at around $170 million for downtown Chicago’s biggest single-asset apartment sale this year. The acquisition brings Waterton’s total Chicagoland unit count to more than 6,700.
“The opportunity to acquire such a high quality and well amenitized asset below replacement cost, combined with the strong leasing momentum at the property made Alta Roosevelt an attractive addition to our portfolio,” said Julie Heigel, SVP, acquisitions at Waterton.
Built in 2017, Alta Roosevelt is located within steps of two of Chicago’s largest employment nodes: the CBD and the rapidly growing West Loop. Waterton will rebrand it as The Elle, in a nod to both Eleanor Roosevelt and Chicago’s elevated train system, the “L”, and renovation plans include enhancing the common areas and amenities.
- ◦Sale/Acquisition
