Springfield Apartment Community Trades As Part Of 4-State Portfolio Sale
The Chicago-based investor announced Thursday it acquired The Residences at Springfield, a 631-unit apartment community just off Interstate 95 in Springfield. Waterton acquired the property for an undisclosed price from a partnership controlled by CBRE Global Investors.
The Residences at Springfield, located at 6801 Junction Blvd., features a resident lounge, fitness center, business center, swimming pool, outdoor courtyard with grills and a gazebo and a recently redesigned clubhouse with a media center and kitchen.
Waterton, which has a $4B nationwide real estate portfolio, also owns the 404-unit Citizen at Shirlington Village multifamily community in Arlington and The Madison Washington, D.C., hotel.
“As a hub of population growth and job creation, the greater Washington, D.C. area is an extremely important market for multifamily investment,” Waterton Chairman David Schwartz said in a release. “The large and diversified economies increasingly create demand for high-quality rental options and The Residences at Springfield presents the perfect opportunity to meet incremental rental demand and bring the Waterton vision to this solid property.”
The portfolio sale also included two multifamily properties in Plano, Texas, two in Dallas, one in Houston, plus one in Phoenix and one in Raleigh. It comes after Waterton in April closed on a $920M investment fund it said it would use to acquire 25 to 30 properties totaling over $2.5B.