Waterton acquired The Mason, a 263-unit high-rise apartment community in Fulton Market, for $89.5M, according to public records.
The Mason
The company purchased the 14-story property at 180 N. Ada St. from Marquette Cos. and DWS Group.
It plans to implement a light value-add program, including in-unit flooring upgrades and enhancements to common areas and amenity spaces. Waterton also said it will explore opportunities to reposition the common areas and optimize the use of space.
“The favorable supply/demand dynamic in downtown Chicago combined with the quality features of the units and common areas in this dynamic West Loop location makes The Mason an attractive investment opportunity,” Casey Mog, vice president of acquisitions at Waterton, said in a press release.
Waterton’s Chicago portfolio grew to 6,587 units after the acquisition, according to the Chicago Business Journal.
SALES
An East Coast-based 1031-exchange buyer paid $3.7M for Pacesetter Plaza, a 17-suite retail strip anchored by Family Dollar at 1000 E. 162nd St. in South Holland. The 34K SF center was 97% occupied at the time of sale. Marcus & Millichap’s Adrian Mendoza, Sean Sharko and Austin Weisenbeck marketed the property on behalf of the seller, a limited liability company.
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A private investor purchased Holiday Plaza, a 13-suite retail property at 4747 N. Harlem Ave. in Harwood Heights, for an undisclosed price. The 70K SF center features a mix of service, retail and restaurant tenants, including Orange Theory Fitness and Starbucks. Marcus & Millichap’s Adrian Mendoza, Sean Sharko and Austin Weisenbeck procured the buyer.
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Eastham Capital sold Central Park Apartments, a 220-unit multifamily community at 11 Fir St. in Park Forest, to an undisclosed company for $23.2M. The community includes one-bedroom apartments as well as two- and three-bedroom townhomes. The firm acquired the property in 2019 through Eastham Capital Fund V in partnership with Bender Cos.
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Mapletree Investments acquired a 29.3-acre site at 1035 W. Laraway Road in Joliet to develop a logistics facility spanning 419K SF. This is Mapletree’s second acquisition in Joliet this year, following its May purchase of an 18.1-acre site at 3600 Houbolt Road, where it will build a 276K SF warehouse. Colliers’ Matthew Stauber and Steve Ostrowski represented the seller and worked with Mapletree to secure the deal.
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An undisclosed buyer purchased 2023-2025 N. Racine Ave., a 12-unit apartment building in Lincoln Park, for $3.7M. The building consists of six one-bedroom units and six two-bedroom units. Essex Realty Group’s Steve Livaditis represented the seller, and Essex’s Jim Darrow represented the buyer.
FINANCING
Walker & Dunlop originated $68.3M in HUD loans to refinance seven skilled nursing facilities in Illinois and Wisconsin. The Illinois facilities are in El Paso, Chillicothe, Mendota, Peru, Streator and Elgin.
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Mavrek and Acres Commercial Realty Corp. secured financing at 65 E. Wacker Place. The team received a $62.4M senior loan from Derby Lane Partners and an $11M loan from Hoyne Savings Bank. The property will be redeveloped into a 252-unit luxury apartment complex by McHugh Construction, with design by Pappageorge Haymes.