Waterton Loves The Location Of Its First Multifamily Acquisition In 2017
Waterton spent 2016 mostly in sell mode because the demand for Class-B and Class-C multifamily assets was even more competitive than Class-A buildings. But Waterton has flipped the script early in 2017, purchasing a multifamily property in the middle of the scorching-hot West Loop.
Waterton acquired Madison Aberdeen Place, an 81-unit apartment development at 20 North Aberdeen, for an undisclosed price, and rebranded it The Aberdeen. Waterton senior vice president of acquisitions Mark Stern said the location was one of the primary drivers of Waterton's interest in the complex.
“This is a great opportunity for Waterton to make its mark on one of Chicago’s most sought-after neighborhoods,” Stern said. “With world-class restaurants steps from the community’s front door and the rapid influx of jobs only adding to the area’s appeal, The Aberdeen’s location could not be better.”
Waterton added only four new properties to its portfolio last year and spent 2016 either disposing of assets or refinancing properties to reduce debt load, as it did with Presidential Towers last December.