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Waterton Adds 3,700-Apartment Package to Growing National Portfolio

Eight-Property Deal Located Mostly in Texas, With One Each in North Carolina, Arizona and Virginia
July 30, 2018
Gramercy on the Park, a 535-unit apartment community in Dallas acquired by Waterton in a $327 million portfolio acquisition.

Chicago-based real estate investor and property manager Waterton has acquired an apartment portfolio totaling 3,685 units in Texas, Arizona, North Carolina and Virginia.

The eight-property package is mostly in Texas, and includes both Class A and Class B rentals. Details of the transaction have not been disclosed by Waterton, or the seller, CBRE Global Investors, but the portfolio is estimated to have traded for about $700 million. According to public record, the three non-Texas properties sold for $326.85 million.

“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. “The properties offer excellent housing value in markets where we expect to see incremental rental demand and pricing power potential.”

Waterton’s purchase underscores the current big trend in apartment investment: buying slightly-older assets, ready for some polishing that will help raise rents and compete with the glut of new luxury properties now for sale in many markets.

Waterton's Waterton Residential arm is looking to pump money into the properties to make them more competitive with newer, swankier rentals nearby and boost rent increases. The properties were all built between 1992 and 2012, and are all garden-style complexes with amenities such as fitness centers and pools. Unit upgrades are the most likely strategy for increasing the value of properties these days.

The properties in the portfolio are:

  • The 535-unit Gramercy on the Park, at 4775 Gramercy Oaks Drive, Dallas.
  • The 417-unit Mockingbird Flats, at 5600 SMU Boulevard, Dallas.
  • The 380-unit Creekside at Legacy, at 6300 Windcrest Drive, Plano, Texas.
  • The 302-unit Lakeshore at Preston, at 3700 Preston Road, Plano, Texas.
  • The 629-unit Element Deer Valley, at 19940 North 23rd Street, Phoenix.
  • The 359-unit The Tribute, in Raleigh, NC.
  • The 432-unit The Plantation at the Woodlands, The Woodlands, TX.
  • The 631-unit Residences at Springfield Station, at 6802 Junction Boulevard, Springfield, VA.

Representatives with CBRE brokered the sale.

Please see CoStar Comp #4454227 for more information on the transaction.

John Doherty, Multifamily Reporter  CoStar Group   
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