Apartment Towers at White Plains Train Station Acquired by Chicago-Based Firm

WHITE PLAINS—The 501-unit, 15 Bank multifamily twin tower development adjacent to the White Plains Metro-North train station has been sold to Waterton, a Chicago-based investor and operator, for a reported sale price of approximately $195 million.

CBRE reported earlier today that it represented the seller Heitman, which is also based in Chicago, in the transaction. Green Street’s Real Estate Alert reported yesterday that the property, originally developed by LCOR in 2003 as Bank Street Commons, was sold for nearly $195 million and noted that LCOR sold the project to Heitman in 2010 for $155 million.

The property was originally developed at a reported cost of approximately $250 million and was one of the first new major multifamily projects to be built in White Plains in some time.

The CBRE team led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Daniel Blumenkrantz represented Heitman in its recent deal with Waterton. The Transit-Oriented Development property also features a fitness center, resident lounge, indoor pool, outdoor courtyards a children’s playroom, and 3,700-square feet of ground-floor retail space.

Dunne, Vice Chairman with CBRE, said of the deal, “In these challenging times, our team has found creative solutions to get transactions over the finish line to closing. In the case of 15 Bank, structuring seller financing significantly reduced the larger equity requirement, attracted a wider audience, and ultimately delivered better pricing.”

CBRE’s MacKenzie added, “We’re delighted to represent Heitman on this transaction. Downtown White Plains has emerged as a desirable 24/7 city providing residents with endless amenities while situated only a short distance from Manhattan.”

Waterton announced its re-entrance into the tri-state market with the purchase of 15 Bank on Jan. 31 and noted that it planned to undertake a renovation program to “revitalize living spaces” at the property that will include an upgraded technology package in all units and updated kitchen backsplashes, modern cabinetry and flooring, new lighting and upgraded plumbing fixtures in select units. “Simultaneously, the community will see its shared spaces transformed to meet the evolving needs of today’s discerning renters,” the company stated.

“The acquisition of 15 Bank taps into the emergent vibrancy of White Plains, and provides seamless access to midtown Manhattan via the White Plains Metro-North train station directly adjacent to the property,” said Jeremy Stern, vice president of acquisitions at Waterton. “Waterton recognized the value-add potential and the opportunity for modernization. We’re excited to roll out our renovation package, updating living spaces and amenities to enhance the overall resident experience in this sought-after location.”

Other planned improvements include converting the existing gym into a versatile package room with a cold storage option in addition to traditional package locker systems. An underutilized indoor pool adjacent to an interior courtyard will be reimagined into an indoor/outdoor dining venue, while neighboring space will be redesigned to support work-from-home lifestyles. Additionally, a well-appointed community kitchen and lounge area are planned.

“The excellent physical condition of the building combined with our ability to assume the in-place debt on this asset amid the challenges of today’s interest rate environment, made this an attractive acquisition,” continued Stern. “We’re looking forward to making thoughtful improvements and redefining the 15 Bank experience for our residents.”

Waterton is privately held and as of Sept. 30, 2023, had a portfolio that included approximately $10.4 billion in real estate assets.