Chicago, IL – June 8, 2012 – Waterton Residential, a leader in the multi-family industry, announces it has acquired Chicago’s Seneca Hotel. Located just one block from Michigan Avenue’s Magnificent Mile shopping district and minutes from the lakefront, the hotel will be restored to a select apartment community; apartments are currently available to rent, with renovated apartments available for mid-June occupancy. Waterton Residential, a subsidiary of Waterton Associates LLC, currently owns 17,000 apartments in 47 communities within 13 states, of which 11 communities are in the Chicagoland area.
The newly restored boutique rental residences, comprised of 260 units with 10 two bedrooms, 159 one bedrooms and 91 studios, are situated in Chicago’s exclusive Gold Coast neighborhood. Just steps to the lakefront and the city’s best shopping, including The 900 Shops, Water Tower Place and the Shops at North Bridge, The Seneca will uphold Waterton Residential’s standards of offering exceptional service with on-site service and management, including 24-hour door attendants. Upgraded apartment homes will include wood finish vinyl flooring, updated kitchens with clean steel appliances, refinished baths and custom window treatments. Amenities will include on-site dry cleaning, a new fitness center and sundeck. Residents can dine at on-site restaurants, such as Francesca’s Restaurant, Davanti Enoteca, Saloon Steakhouse and Chestnut Street Cafe. The Seneca is also located near popular Chicago restaurants, including Spiaggia, Coco Pazzo Café and Rosebud Steakhouse.
“We’re very excited to have acquired such a unique property in this exceptional Gold Coast location,” said Lela Cirjakovic, senior vice president of operations for Waterton Residential. “As we restore the building, we plan to keep some of the vintage charm while making smart, contemporary updates to suit Chicago’s sophisticated residents. The same alluring neighborhood details that attracted Waterton to the property are sure to attract renters.”
Waterton Residential is committed to delivering exceptional living experiences by providing unique living communities residents will be proud to call home. All residents are able to choose from flexible lease terms and have access to its convenient online portal, which allows renters to make payments online, place a service request, access utility connection services and more.
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.