Waterton acquired a 310-unit apartment community at 450 Warrenville Road in Lisle for $77.5M from JVM Realty.
The deal brings Waterton’s owned and managed multifamily portfolio to over 7,000 units in the Chicago area. JVM paid $67M for the complex in 2017.
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“The acquisition of Avant at the Arboretum is an excellent opportunity to expand Waterton’s footprint in the Chicago suburbs where we continue to see high household formation and strong demand for quality housing,” Waterton Senior Vice President of Acquisitions Julie Heigel said in a press release.
Waterton plans to renovate units, making upgrades to vinyl plank flooring and adding new kitchen countertops and Nest thermostats in all residences. It is also enhancing amenity spaces, common areas and building exteriors.
The company is gearing up to make additional multifamily purchases, announcing Monday it closed a $1.73B fund aimed at acquiring value-add properties in Chicago and other cities.
PEOPLE
Interra Realty hired Alex Cohen as an associate. Cohen will focus on market analysis, asset valuation and business development, working alongside Craig Martin to help Interra build on its growth.
SALES
Silver Property Group bought a five-building, 97-unit multifamily portfolio in Chicago for $19.3M from an East Coast-based investment group. The buildings are at 4654 N. Monticello Ave., 4718-4724 N. Bernard St., 1501 N. California Ave., 4226-4230 N. Whipple St. and 4057 W. Melrose St. Interra Realty's Joe Smazal and Mark Dykstra represented both parties in the deal.
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The Shiner Group purchased a multitenant retail property in Streeterville for an undisclosed price. Tenants include Sweetgreen, Nando's, CorePower Yoga, Big City Optical and Movement Physical Therapy. Mid-America Real Estate Corp.'s Joe Girardi and Emily Gadomski represented the seller.
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An undisclosed buyer scooped up a multitenant retail property at 3300 N. Broadway in Lakeview East. Featured tenants include Stan's Donuts and Windy City Sweets. Mid-America Real Estate Corp.'s Joe Girardi and Emily Gadomski represented the seller.
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Stone Universe bought a 43K SF building at 3905 West Albany St. in McHenry for an undisclosed price. Entre Commercial's Brian Bocci represented the buyer, while the broker's Dan Jones, Dan Benassi and Marc Bartolini represented the seller.
LEASES
RJW Logistics Group signed a long-term lease on a 640K SF industrial building at 275 W. Laraway Road in Joliet. Lee & Associates' Jeffrey Galante and Jeffrey Janda represented the owner, Pritzker Realty Group, which recently completed the new construction project. JLL's Dominic Carbonari represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Principle Construction completed a 283K SF tenant improvement project for Tailored Brands at 2000 Deerpath Road in Aurora. The improved warehouse and dry cleaning facility will serve as a central hub for dozens of stores and rental facilities in five different states across the Midwest.
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S&C Electric Co. opened its new 275K SF manufacturing facility in Palatine. The facility will increase the company's capacity, expand its product lines and streamline production processes, allowing it to better meet demand from customers worldwide, S&C’s President and CEO Anders Sjoelin said in a release.
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