Waterton Associates Acquires 264-Unit Apartment Community in Uptown Chicago
- May 08, 2015
Chicago-based Waterton Associates has expanded its portfolio with the acquisition of a 264-unit mixed-use community in the Uptown neighborhood. The company purchased the Pensacola Place apartment community at 4334 N. Hazel St.
Located less than a mile away from Chicago’s Montrose Harbor, Pensacola Place was built in 1981 and designed by Staley Tigerman. The transit-oriented development offers easy access to the CTA Red Line’s Wilson Station, several major bus routes and bike stations, as well as popular destinations including Lake Shore Drive, Montrose Beach, Chicago’s Lakefront Trail and the Sydney R. Marovitz Golf Course.
“All of these transportation options make the area highly accessible, which has been a big draw for renters,” said Mike Stern, senior vice president of acquisitions at Waterton. “Pensacola Place also benefits from its proximity to the lakefront, several public and private schools, and nearby shopping and entertainment districts like Wrigleyville, located just one mile to the south.”
Pensacola Place allows residents to choose from a mix of studio, one- and two-bedroom apartments, as well as 12 two-bedroom townhomes. The property also offers more than 81,000 square feet of retail space, including a newly renovated Jewel-Osco grocery store. The community features amenities such as a 24-hour fitness center, a business center, a swimming pool with sundeck, a private tennis and basketball court and an on-site laundry facility.
Waterton plans to make several major upgrades to individual residences, as well as the community’s common areas. The company will invest in modernizing kitchens and bathrooms, the fitness and business centers, and the lobby, among other improvements. Waterton will also act as on-site manager of the community.
Image courtesy of Waterton Residential.
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