Waterton Associates Buys Uptown Tower
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Chicago landlord Waterton Associates, which owns 18,000 apartment units around the US, has purchased a tower in Uptown for nearly $66M. It plans to invest in renovating and expanding the 264-unit, 18-story apartment building. Pensacola Place, at 4334 N. Hazel St., was previously owned by Tony Rossi and Tom Moran, Crain's reports. Waterton could raise rents after renovating the building and adding amenities, including a fourth-floor outdoor deck, an existing tennis court and outdoor swimming pool. The deck could also be converted into dozens more apartment units. The building is reportedly about 95% occupied, and rents range from $1,249 a month for a studio to $1,800 a month for a two-bedroom [Crain's]