Waterton has purchased The Mason, a 263-unit apartment community in Chicago. The 14-story building sold for $89.5 million, according to Crain’s Chicago Business.
The community, which opened in 2019, was previously owned by RREEF Property Trust and managed by Marquette Cos., according to Yardi Matrix. The site includes studios, one-, two- and three-bedroom apartments.
The same source shows that 26 of The Mason’s units are reserved for affordable housing, and the community had a 95.4 percent occupancy rate as of August.
Waterton plans to update the flooring in the apartment units, along with other additions to common areas, which include a rooftop deck, pool, fitness center, coworking space and dog wash.
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The Mason is located at 180 N. Ada St. in the Fulton Market district, placing it within walking distance of dining and retail options on Randolph and Fulton streets. Chicago’s Green and Pink rapid transit lines are also nearby.
CBRE represented the seller in the deal, according to Crain’s Chicago Business.
Chicago market remains solid
Chicago’s multifamily housing market showed positive fundamentals in the first half of the year, according to a recent Yardi Matrix report. Average advertised asking rents as of April recovered 0.5 percent to $2,011, 30 basis points ahead of the national rate.
The area’s average occupancy rate for stabilized assets was 95.9 percent in March, ahead of the national 94.4 percent figure. Development, however, showed signs of slowing, with the Windy City adding 1,277 units in the first four months of 2025 and 9,607 under construction.
The Chicago area has seen several major projects finish construction this year. In April, Bradford Allen and Moceri + Roszak topped off the first phase of Arlington Gateway, a mixed-use project in Arlington Heights. At full build-out, the project will include an eight-story, 301-unit multifamily community along with ground floor retail space.
The month prior, F.H. Paschen topped off on construction of the Bellwood Gateway Development, a 71-unit project reserved for middle-income residents.
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