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David Schwartz Of Waterton Acquires Flair Tower Multifamily Property In Chicago For $85M

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SOLD
$85,000,000
David Schwartz
Gregory Bates

Illinois

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MultiFamily
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David Schwartz Of Waterton Acquires Flair Tower Multifamily Property In Chicago For $85M

222 West Erie Street

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MultiFamily
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David Schwartz
Gregory Bates
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Summary

ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

David Schwartz
Waterton
David Schwartz
40 deals$2.8B volume
BUYER
Gregory Bates
Gregory Bates
8 deals$534.4M volume
SELLER

Details

SOLD
IMAGE: Gregory Bates & David Schwartz DATE: 03/11/2026 ADDRESS: 222 West Erie Street MARKET: Chicago ASSET TYPE: Multifamily BUYER: David Schwartz - Waterton (@WatertonRealEstate) SELLER: Gregory Bates - GID Investment Advisors (@GIDInvestmentAdv) SALE PRICE: $85,000,000 UNITS: 197 ~ PPU: $431,472 NOTE: Waterton acquired the 197-unit, 26-story Flair Tower at 222 W. Erie Street in Chicago for $85 million from GID Investment Advisors. The River North apartment tower was about 97% leased at the time of sale, marking one of the largest multifamily transactions in Chicago in early 2026.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$4,533,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$301,987.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$402,943.36
Annual Debt Service$4,835,320.38