CHICAGO, IL - With the ink just dried in closing Property Venture XI, Waterton Residential is wasting no time turning cash into desirable assets with its acquisition of Mondial River West, fittingly enough in its own backyard. For this premier property in one of Chicago's most well-positioned neighborhoods, Waterton purchased 124 of the condo project's 141 units built in 2009 and plans on renting the units.
Source: Waterton Residential
Originally developed by Citta Development Group, Mondial River West is a 15-story structure with 141 units consisting of studios, one-, one plus den combination, two-, three- and four-bedroom units. Waterton is planning to furnish the rooftop deck to provide Mondial residents with an outdoor area to enjoy the spectacular Chicago skyline.
"Mondial River West is significant because it's a beautiful, new building in a terrific neighborhood and it sets an exciting tone for this fund as we move forward," said David Schwartz, Co-Founder and Co-Manager of Waterton. "The Mondial will offer renters some of the highest quality rental product in the Chicago marketplace."
With its panoramic views, Mondial River West offers a modern, international-style with striking features including its architecturally significant, high-speed, glass-backed elevators and dramatic glass entry lobby with 16' ceilings. It also features a community room, balconies with all units and indoor parking. Further, its spacious units offer impressive high ceiling heights, floor-to-ceiling windows and natural hardwood flooring throughout the living, dining and kitchen areas. Upscale finishes run throughout with Kitchens including Avanti Italian wenge wood cabinetry, granite countertops and stainless steel Kitchen Aid appliances. And, master bathrooms include modern, Italian oak wood vanity cabinets, marble tile and marble countertops.
In River West within walking distance of a many nearby amenities including a dry cleaner, CVS pharmacy and new Jewel/Osco, Mondial offers easy access to a variety of surrounding neighborhoods including Bucktown, Wicker Park, Lincoln Park, River North, the Gold Coast, Old Town, the Loop and the West Loop. Further, it is conveniently located a few blocks from the Chicago/Milwaukee Avenue Blue Line "L" Stop. In a neighborhood with true eclectic Chicago flavor, Mondial is near a variety of coffee shops, popular restaurants such as Piccolo Sogno and La Scarola, and some of the city's most unique nightlife including the Matchbox, Twisted Spoke, DeLux Sports Bar and D'Agostino's Pizza and Pub. In addition, Mondial is a short walk from the East Bank Club and the 600 West Chicago building, home to Groupon headquarters, David Barton Gym, Japonais and the Motel Bar.
Mondial River West was acquired as part of Waterton Residential Property Fund XI, a $500 million discretionary multifamily investment fund.
Chicago-based Waterton Residential, one of the leading multifamily companies in the nation, is focused on the acquisition and management of apartment communities in multiple markets to which it can add value through repositioning and renovation. Since its inception in 1995, the Waterton Residential team has remained committed to outstanding customer service by providing a community our residents are proud to call home. With over 15,000 apartment homes in 36 communities in 12 states the Waterton Residential brand signifies exceptional living experiences, a sense of community, and home. Waterton employs approximately 450 associates who are committed to achieving the Waterton Residential vision to be the leader in the multifamily industry.