Waterton Buys Springfield MF In Portfolio Transaction

SPRINGFIELD, VA–The Residences at Springfield Station, a 631-unit apartment complex, has traded as part of a larger portfolio acquired by the Chicago-based Waterton. The company has picked up eight multifamily properties in four states, totaling 3,685 units. The properties, which were acquired from a partnership controlled by CBRE Global Investors, are located in Dallas, Houston, Phoenix, Raleigh and Northern Virginia.

The properties were built between 1992 and 2012.

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

Besides the Residences at Springfield, the following were part of the portfolio:

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

Last year Waterton sold The Ridgeleigh at Van Dorn Metro, a 360-unit community, for $91.5 million to Columbus, Ohio-based Klingbeil Capital Management.

It also acquired last year what was then the Windsor at Shirlington Village for $144 million, which Waterton rebranded as The Citizen at Shirlington Village.