Chicago, IL – September 24, 2013 – When the Presidential Towers project was completed in 1986, it was delivered to a developing neighborhood in the West Loop of Chicago, which was formerly the manufacturing side of town. The building immediately served as a catalyst for major commercial development, improving the surrounding neighborhood. When Waterton Residential purchased the building in 2007, it had been largely untouched in more than 20 years.
Known as a city within a city, Presidential Towers features four, 49-story buildings spanning two city blocks, with more than 2,000 units and vast commercial space. It’s also conveniently located near three major highways, the business district, and commuter rail stations, serving as a true walk-to-work location. But with a dated façade and interior, the property had yet to reach its full potential.
Waterton updated the bland green hallways to a chic gray-and-white interior with pops of color, and added stainless steel appliances to the kitchens. The leasing office and lobby were updated, and several loading docks became one, making the community more pedestrian-friendly. And Waterton achieved these feats all without amending the 25-year-old development ordinance.
With its new, improved façade, Presidential Towers still shines, now a little more brightly, as a catalyst for the West Loop.
Waterton Associates L.L.C. (“Waterton”) is a real estate investor and operator with a focus on U.S. multifamily and hospitality properties. Founded in 1995 by David Schwartz and Peter Vilim, Waterton executes value add strategies and manages a national portfolio of multifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. Waterton has a proven expertise in selecting attractive risk adjusted real estate investments in major markets around the United States and manages its portfolio through wholly owned property management subsidiaries Waterton Residential and Ultima Hospitality. Waterton Residential was founded in 1998 to improve and manage multifamily properties and currently manages over 50 apartment communities in major U.S. markets with a focus on excellent resident service, competitive pricing and flexible lease terms. Since its formation, Waterton has sponsored multiple investment vehicles and has invested over $5.3 billion in assets. Waterton is privately held by its co-founders and is headquartered in Chicago with seven regional offices throughout the United States. For more information, please visit www.WatertonAssociates.com.