CHICAGO, IL - Waterton Residential achieved another company first with its entry into the highly-sought Manhattan market with its most recent initial closing on 88 Leonard – a 352-unit, 21-story, high-rise apartment in the eclectic Tribeca neighborhood -- as part of Waterton Residential Property Venture XI, a $500 million discretionary multifamily investment fund.
Built in 2007, the 21-story structure includes 352 apartments with a unit mix of 119 studios, 183 one-bedrooms, 36 two-bedrooms, 12 three-bedrooms, one leasing and one super unit. Distinguished by its architectural design mixing convenience with luxury, 88 Leonard features white oak hardwood flooring, maple cabinets, granite countertops, Whirlpool Gold appliances and dishwashers, McQuay climate controlled floors, marble tile bathroom flooring, custom built stainless steel vanity mirrors and balconies in select units.
"88 Leonard is in the heart of Lower Manhattan's Tribeca neighborhood and fits perfectly with our strategy to purchase well- located assets in strong markets," said Max Peek, vice president, acquisitions, Waterton Residential. "We are excited as this is our first entry into Manhattan, but second in New York City, a market where we are actively pursuing additional multifamily opportunities."
The high-design, high-rise features a two-story 24-hour attended lobby with attractive common areas enhanced by natural design elements, a transparent glass bridge, interior and exterior fireplaces and concierge services. In addition, there is a resident lounge with a billiards table, landscaped terrace with a 20-foot whirlpool spa, 14th floor garden and sundeck, storage units, on-site laundry, dry cleaning service and attached garage parking.
Originally developed by AFI US, a subsidiary of Africa Israel Investments Ltd., Waterton is acquiring the leasehold interest in two stages with the first closing having already occurred August 31, 2011 and the second closing occurring six months from the first. Cushman and Wakefield represented the seller on the sale, and Steven Vegh represented the purchaser. 88 Leonard was acquired as part of Waterton Residential Property Venture 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 15,695 apartment homes in 36 communities in 12 states the Waterton Residential brand signifies exceptional living experiences, a sense of community, and home. Waterton employs 474 associates who are committed to achieving the Waterton Residential vision to be the leader in the multifamily industry.