Waterton Re-Enters Tri-State Market With Acquisition of 501-Unit 15 Bank in White Plains, NY
(Jan 31, 2024 – New York, NY) – Waterton, a national real estate investor and operator, today announced its re-entry into the Tri-State market with the acquisition of 15 Bank, a 501-unit apartment community located at 15 Bank Street in White Plains, NY. The property is ideally situated for easy access to Tri-State area jobs and will receive value-add renovations and updates.
“The acquisition of 15 Bank taps into the emergent vibrancy of White Plains, and provides seamless access to midtown Manhattan via the White Plains Metro-North train station directly adjacent to the property,” said Jeremy Stern, vice president of acquisitions at Waterton. “Waterton recognized the value-add potential and the opportunity for modernization. We’re excited to roll out our renovation package, updating living spaces and amenities to enhance the overall resident experience in this sought-after location.”
The 15 Bank community offers a mix of one- and two-bedroom apartment homes, each poised to benefit from Waterton’s comprehensive value-add experience. The renovation program will revitalize living spaces with an upgraded technology package in all units and updated kitchen backsplashes, modern cabinetry and flooring, new lighting, and upgraded plumbing fixtures in select units. Simultaneously, the community will see its shared spaces transformed to meet the evolving needs of today’s discerning renters.
A 3,700-square-foot street-level retail space with unusually high ceilings is flooded with natural light and will be repurposed into a state-of-the-art gym. The existing gym will be converted into a versatile package room with a cold storage option in addition to traditional package locker systems. An underutilized indoor pool adjacent to an interior courtyard will be reimagined into a chic indoor/outdoor dining venue, while neighboring space will be redesigned to support work-from-home lifestyles. Additionally, a well-appointed community kitchen and lounge area will round out the amenity suite at 15 Bank.
“The excellent physical condition of the building combined with our ability to assume the in-place debt on this asset amid the challenges of today’s interest rate environment, made this an attractive acquisition,” continued Stern. “We’re looking forward to making thoughtful improvements and redefining the 15 Bank experience for our residents.”
Built in 2003, 15 Bank is located in the heart of downtown White Plains, NY, offering convienient access to the region’s key employment sectors and top educational institutions. Just a stone’s throw from I-287 and minutes from the White Plains Metro-North Station, residents can quickly reach Manhattan and nearby counties. 15 Bank is also within walking distance to an array of lifestyle amenities such as restaurants, bars, galleries, and shops.
Waterton is a real estate investment and property management company with a focus on U.S. multifamily and hospitality properties. Founded in 1995, Waterton executes value add strategies and manages a national portfolio of properties on behalf of institutional investors, family offices and financial institutions. Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States. As of September 30, 2023, Waterton’s portfolio includes approximately $10.4 billion in real estate assets. Visit Waterton’s website: www.waterton.com.