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Key Points:
Waterton sold a 749-unit apartment complex in Justice, Illinois, to Turner Impact Capital for $82 million, approximately $110,000 per unit.
Waterton had owned the property, built in 1987, for over 20 years, acquiring it in 2003.
Turner Impact Capital specializes in workforce housing investments, and the property's units rent for $1,100 to $1,600 per month.
The sale was off-market and is part of Waterton's recent active dealmaking in the Chicago multifamily market.
Waterton also recently purchased a 263-unit building in Fulton Market for $90 million and a 522-unit property in Los Angeles for $167 million.
The company is looking to sell the Montrose Apartments in Chicago's Buena Park and the Grand Central apartments in the South Loop.