Chicago-based Waterton, a national real estate investor and operator, today announced it has acquired an institutional-quality portfolio comprising eight multifamily properties with a total of 3,685 units located in growth markets across four states.
The properties, which were acquired for an undisclosed amount from a partnership controlled by CBRE Global Investors, are located in the metropolitan areas of Dallas; Houston; Phoenix; Raleigh, N.C.; and Northern Virginia. The assets, which were built between 1992 and 2012, offer opportunities to utilize Waterton’s vertically integrated design, construction, and operations disciplines to further enhance the units and increase net operating income.
“All of the assets in the portfolio are located within Waterton’s target markets—each benefiting from large and diversified economies, high-quality jobs, and growing population bases,” said David Schwartz, chairman and co-founder of Waterton, in a statement. “The properties offer excellent housing value in markets where we expect to see incremental rental demand and pricing-power potential.”
The portfolio contains the following properties:
- Gramercy on the Park, Dallas: 535 units;
- Mockingbird Flats, Dallas: 417 units;
- Creekside at Legacy, Plano, Texas: 380 units;
- Lakeshore at Preston, Plano: 302 units;
- Plantation at The Woodlands, Houston: 432 units;
- Element Deer Valley, Phoenix: 629 units;
- The Tribute, Raleigh, N.C.: 359 units; and
- The Residences at Springfield Station, Springfield, Va.: 631 units.
“The transaction allowed us the opportunity to acquire an institutional-quality portfolio with proven upside potential at an attractive basis relative to replacement cost,” said Justin Maturo, vice president of acquisitions at Waterton. “We have a lot of conviction around the portfolio and look forward to expanding upon the successful value-add program to help the properties further compete within their competitive sets.”
The acquisition comes one month after Waterton purchased North Harbor Tower, a 600-unit multifamily development in Chicago’s Lakeshore East neighborhood.