Waterton Associates Lands an Atlanta Asset

Waterton completes its seventh buy of 2012; SL Green enters the Brooklyn residential market; and Essex Realty Group brokers sale of a residential condominium building.

Two Blocks

Atlanta—Waterton Associates has closed its seventh purchase of 2012 with the acquisition of Two Blocks Apartments, a 400-unit asset located in Atlanta. The community was built in 2008 by Pollack Shores Real Estate Group and features five mid-rise buildings and two mid-rise parking decks in the Chamblee Dunwoody area of Atlanta.

“Waterton is pleased with the acquisition of Two Blocks Apartments and we are excited to add another community to our growing Atlanta portfolio,” says Max Peek, senior VP of acquisitions, Waterton Associates. “The community is a well-located, well-built asset that offers tremendous value to our customers.”

Amenities at the property include a two-story clubhouse will billiards room, media room, Internet café, conference room, fitness center, swimming pool and relaxation garden.

SL Green to make its first residential buy in Brooklyn

New York—An SL Green-led venture has announced plans to acquire a newly completed vacant residential building in Brooklyn’s Williamsburg neighborhood. The transaction is expected to close in the first quarter of 2013.

“SL Green’s management is uniquely positioned to find opportunistic residential investments in New York City, as evidenced by this deal, that will give us the high returns associated with new construction without any construction risk,” says Brett Hershenfeld, senior vice president at SL Green.

The asset is located three blocks south of the L Train, and sits atop a commercial condo that SL Green Corp. picked up in 2010. Tenants include HSBC bank, a Duane Reade Store and a 142-car parking garage. The company’s new investment consists of 72 newly built units and 12 townhouses.

Essex Realty Group brokers sale of residential condo building

Chicago—Thursday November 29, 2012- Essex Realty Group Inc. announced the sale of 1978-1984 Algonquin Road located in the Chicago suburb of Mount Prospect. The property is part of the 13-building, Colonial Green apartment complex situated just northwest of the Algonquin and Busse Road intersection. The property is conveniently located less than one mile from Interstate 90.

The portfolio consists of 19 units with a unit mix of six two-bedroom/one-bath apartments and 13 two-bedroom/one and a half-bath apartments.