River North Real Estate Is Red Hot: Waterton Snaps Up Flair Tower for $85M in Near North's Latest Big Deal

By Socialhood News · Il/Chicago/Near North · March 13, 2026

River North's residential real estate market is sending a loud signal to the rest of Chicago — and the city is listening. Chicago-based multifamily investment firm Waterton just closed an $85 million acquisition of the 197-unit Flair Tower at 222 West Erie Street, marking the company's second major hometown purchase in less than seven months. The deal, which ranks as the second-highest price paid for a Chicago apartment building so far in 2026, underscores just how much investor confidence is pouring into Near North's housing market right now.

The 26-story Flair Tower was 97 percent leased when it hit the market last summer — a strong occupancy figure that reflects the neighborhood's enduring appeal for renters seeking a walkable, amenity-rich urban lifestyle. The acquisition follows Waterton's $89.5 million purchase of The Mason in Fulton Market last September, signaling the firm's clear conviction in Chicago's near-north corridor. Industry observers also note that Chicago-area multifamily sales volume reached $5.3 billion last year, a notable jump from the $4 billion annual average of the two preceding years.

For Near North neighbors, deals like this translate into a neighborhood that continues to attract serious investment — a foundation for maintained building quality, improved amenities, and a vibrant residential community for years to come. Keep an eye on 222 West Erie Street as Waterton settles in, and stay tuned to Socialhood for more updates on the developments shaping your neighborhood.

Sources:
1. https://therealdeal.com/chicago/2026/03/12/waterton-buys-chicago-river-norths-flair-tower-for-85m/