The Waterton Purchase
In a significant real estate move, Waterton recently acquired the Alta Grand Central apartment community located in Chicago’s vibrant South Loop. This transaction, while cloaked in secrecy regarding the exact purchase price, represents a momentous step in Waterton’s property portfolio expansion.
Waterton, renowned for its strategic investments in the real estate market, has once again demonstrated its commitment to growth and excellence. The acquisition of Alta Grand Central not only strengthens Waterton’s presence in the dynamic Chicago market but also underscores its capability to identify prime real estate opportunities.
The Property Details
The Alta Grand Central property, which was completed in 2020, is situated at 221 W. Harrison St. Its architecture and design command attention, with two imposing 14-story buildings that are emblematic of modern urban living. With a total unit count of 346, it offers a diverse range of living spaces, creating a vibrant and thriving community within the heart of Chicago’s South Loop.
A Community in Demand
Waterton recognizes that Alta Grand Central primarily appeals to a specific demographic: workforce residents engaged in the healthcare, public service, and consulting sectors. This demographic is drawn to the South Loop area, and Waterton’s acquisition of this property signals a strategic understanding of market demands and trends.
The housing options at Alta Grand Central are diverse, catering to the varied preferences of its residents. From cozy studios to spacious one-bedroom, two-bedroom, and even three-bedroom floor plans, the property ensures that residents find the perfect space to call home.
One of the standout features of Alta Grand Central is its modern amenities, designed to enhance the living experience of its residents. These include spacious coworking areas for the modern professional, providing a dynamic environment for remote work and collaboration. The indoor-outdoor rooftop lounge offers stunning views of the city, creating an ideal space for relaxation and socializing. The well-equipped yoga studio promotes a healthy lifestyle, and secure bike storage facilities cater to the needs of environmentally-conscious residents. The property also boasts a refreshing pool, a rooftop spa for relaxation, and electric vehicle charging stations, showcasing a commitment to sustainable living.
The Previous Owners
This exciting acquisition was made possible through the purchase from a joint venture between Chicago-based D2 Realty and Atlanta-based Wood Partners, as reported by Crain’s Chicago Business. The previous owners’ collaboration in this venture adds an intriguing layer to the property’s history, highlighting the complexities of the real estate market and the strategic thinking that led to its development.
Waterton’s acquisition of Alta Grand Central is a testament to the company’s vision and commitment to enhancing urban living. This investment aligns with Waterton’s mission to provide high-quality living spaces and innovative amenities to meet the needs of today’s discerning residents.