Updated Mar 12, 2026
David Schwartz Of Waterton Acquires Flair Tower Multifamily Property In Chicago For $85M
222 West Erie Street
$85,000,000
Units
197
Asset Type
MultiFamily
Closing
Mar 11, 2026
About this deal
AI
The 197-unit, 26-story Flair Tower is located at 222 West Erie Street in Chicago. The multifamily asset was acquired for $85 million, reflecting a price per unit of $431,472. At the time of the sale, the property was approximately 97% leased, contributing to its appeal in the competitive market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $85,000,000
- Units: 197
- Price Per Unit: $431,472
- Buyer: David Schwartz - Waterton
- Seller: Gregory Bates - GID Investment Advisors
- Date of Transaction: 03/11/2026
- Market: Chicago
David Schwartz represented Waterton in the acquisition, while Gregory Bates represented GID Investment Advisors as the seller. This transaction stands out as one of the largest multifamily deals in Chicago during early 2026.
On the Map
$85,000,000
MultiFamily
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Players
Chicago MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93