Chicago firm buys 631-unit apartment community in Springfield

Published August 2, 2018 by Veronica Garabelli

Waterton, a Chicago-based real estate investor and operator, has acquired The Residences at Springfield, a 631-unit apartment community at 6802 Junction Blvd. in Springfield.

The deal was part of an eight-property acquisition that also included assets in Texas, Arizona and North Carolina. The purchase price for the Springfield community was not disclosed.

“The Residences at Springfield has terrific bones. It was developed with a high-end clientele in mind and has been well-maintained,” David Schwartz, the chairman and co-founder of Waterton, said in a statement. “And, the property fits perfectly with our strategy to bring updated apartment homes and common spaces to residents here and in communities nationwide.”

The Residences at Springfield offers  a newly redesigned clubhouse with a great room, media center and kitchen; recently updated 24-hour fitness center and 24-hour business center with high-speed internet.

The property also has a swimming pool with a sundeck; courtyard with grills, gazebo and games, and a redesigned lounge that offers additional social spaces.

The other seven properties included in the acquisition are:

• Gramercy on the Park in Dallas, 535 units;
• Mockingbird Flats in Dallas, 417 units;
• Creekside at Legacy in Plano, Texas, 380 units;
• Lakeshore at Preston in Plano, Texas, 302 units;
• Plantation at The Woodlands in Houston, 432 units;
• Element Deer Valley in Phoenix, 629 units; and
• The Tribute in Raleigh, N.C, 359 units.

Founded in 1995, Waterton’s portfolio includes about $4 billion in real estate assets.