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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-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 7-10 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).