Chicago-based real estate investor and operator, Waterton, has recently acquired the Alta Grand Central apartment community located in the city’s South Loop neighborhood. The property consists of two 14-story buildings with a total of 346 units and was completed in 2020.
The newly rebranded property, now known as The Grand Central, presents an attractive opportunity for Waterton due to its newer construction at a favorable cost basis. According to Julie Heigel, senior vice president of acquisitions at Waterton, this acquisition aligns with their strategy to invest in high-quality assets.
The Grand Central is a modern rental community situated within a neighborhood that caters primarily to workforce residents employed in healthcare, public service and consulting industries. With Chicago leading all major markets in net absorption over the past year and projected continued demand growth coupled with limited new supply coming online according to Lee Everett – vice president of research and strategy at Waterton – this acquisition further strengthens their portfolio presence within one of the top-performing multifamily markets nationwide.
