Waterton, a national real estate investor and operator, announced it has acquired the Alta Grand Central apartment community in the South Loop neighborhood of Chicago. Completed in 2020, Alta Grand Central is located at 221 W. Harrison St., and comprises 346 units across two 14-story buildings with a robust suite of amenities. The property will be rebranded as The Grand Central.
“This is a compelling opportunity to acquire a newer vintage property at an attractive basis,” said Julie Heigel, senior vice president, acquisitions at Waterton in a statement. “Well appointed assets like Alta Grand Central and The Elle, our asset located just a few blocks away, are attracting renters seeking an upscale rental experience with the relative affordability of the South Loop neighborhood.”
Alta Grand Central is a modern rental community in a vibrant neighborhood that primarily attracts workforce residents in the healthcare, public service and consulting sectors. It offers a mix of well-appointed studio, one-, two-, and three-bedroom apartment homes. The property features a suite of indoor amenities including co-working spaces and an indoor-outdoor rooftop lounge as well as a yoga studio, bike storage including a work station, and electric car charging stations. Outdoors, residents have access to grilling stations, a resort-style pool and a rooftop spa with city views.
“Chicago has been a leading performer in terms of apartment market fundamentals over the course of the last year, leading all major markets in net absorption and is projected to remain as such, given a healthy demand forecast and a muted supply pipeline,” said Lee Everett, vice president of research and strategy at Waterton. “Third party research shows that Chicago has less than 8,100 units projected to deliver in the next four years, and is forecast to gain 33,000 new residents. In addition to strong multifamily performance, the overall real estate market in the city continues to outperform fundamentally, with current office attendance within the top four in the country, and the second strongest retail absorption year-to-date among major markets.”
The location, adjacent to the historic Printer’s Row and Greektown neighborhoods and walking distance to Chicago’s loop, offers residents a variety of shopping, dining and entertainment options. Alta Grand Central is also proximate to the CTA Brown, Orange, Pink and Purple lines at Chicago/LaSalle as well as the LaSalle Street Blue line and Metra station offering convenient connectivity throughout the city and to suburban Chicago.
