WATERTON CLOSES FIRST STAGE IN ACQUISITION OF 88 LEONARD

NEW YORK CITY — Chicago-based Waterton Residential has closed the first of two stages in its acquisition of the 352-unit 88 Leonard, a 21-story high-rise apartment building in New York City's Tribeca neighborhood. Waterton will close the second purchase in approximately 6 months. Helen Hwang of Cushman & Wakefield's New York City office represented the seller, Africa Israel Investments Ltd., and Steven Vegh of Multi Investment Group represented the buyer. The property features white oak hardwood flooring, maple cabinets, granite countertops, Whirlpool Gold appliances, climate-controlled floors, marble tile bathroom flooring, stainless steel vanity mirrors and balconies in some units. Waterton is purchasing the property as part of its $500 million discretionary multifamily investment fund called Waterton Residential Property Venture XI.