Waterton has written an $85 million check for Flair Tower, a 26-story, 197-unit apartment building in Chicago's River North neighborhood, adding another sleek high-rise to its downtown lineup and signaling that investors are still hungry for steady, well-leased rental towers in the city.
According to CoStar News, the Chicago-based investor closed on the property this month. Online property records list Boston-based GID Investment Advisors as the seller. CoStar News reports that GID bought the tower in 2011 for the same $85 million price and later refinanced it with a nearly $60 million loan in 2016, based on Cook County records.
About the building
At Flair Tower, the sales pitch leans heavily on lifestyle perks. Marketing highlights a rooftop terrace with pool and spa, a refreshed clubroom, a new fitness center and built-in coworking space for residents. The building's website lists the address as 222 W. Erie Street and showcases recently reworked common areas and upscale finishes throughout the property. Amenity details appear on Flair Tower.
How the deal stacks up
This was not some quiet, mid-market trade. CoStar News ranked the Flair Tower sale as the second-highest price paid for a Chicago apartment building in early 2026, trailing only a January deal at 73 E. Lake Street that fetched $126.1 million. The outlet also reported that the building was roughly 97 percent leased when CBRE brought it to market.
Waterton’s Chicago strategy
Flair Tower is the latest proof that Waterton is leaning into its hometown. The firm grabbed The Mason in Fulton Market for about $89.5 million last September and has framed that purchase, and others like it, as light value-add plays rather than full gut jobs. In a release on The Mason, Waterton said it planned “to implement a light value-add program including in-unit flooring upgrades and enhancements to common areas and amenity spaces.”
What residents might see
Given that Flair Tower was marketed while it was nearly fully leased, industry watchers do not expect disruptive, unit-by-unit overhauls. Any tweaks are more likely to show up in shared spaces and amenity areas rather than inside apartments. GID moved to sell the building last summer, and marketing materials emphasized a fully leased retail base along with strong occupancy throughout the tower, according to The Real Deal.
The sale underscores that investors are still betting on stabilized Chicago rental housing even as appraisal numbers and construction costs continue to shift. With Flair Tower now under Waterton's flag, local brokers will be watching to see whether the new owner puts a bit more shine on one of River North's established high-rises.
