Waterton, a national real estate investor and operator based in Chicago, announced on Wednesday that it has acquired L Seven. Located at 1222 Harrison St. in San Francisco’s SoMa neighborhood, L Seven is a mid-rise apartment community with 410 units. The seller and purchase price were not disclosed by Waterton.
As part of the acquisition, Waterton plans to implement a light value-add program focused on improving underutilized amenity spaces while also extending the lifespan of the property.
According to Kevin Ibasco, Senior Vice President of Acquisitions at Waterton: “We are thrilled to add L Seven to our portfolio in San Francisco as we continue to see positive growth following the pandemic recovery.” He added that San Francisco is an attractive market due its high barriers for entry and limited supply currently under construction. With its highly educated workforce and strong presence in technology – particularly within AI – Ibasco believes there are strong long-term fundamentals for this area.
This latest acquisition brings Waterton’s owned and managed multifamily portfolio within the San Francisco metro area up to over 970 units.
