Wayland Real Estate Capital acquired The Hazelton, a 60-unit micro-apartment building at 851 W. Montrose in the Uptown neighborhood of Chicago.
Originally an SRO, the property underwent a complete modernization through a gut renovation by CityPads, transforming it into a high-quality, efficient housing option that meets the neighborhood’s demand for urban living solutions.
Wayland Real Estate Capital acquired the property with it 100% leased, and assumed a favorable Freddie Mac loan from CityPads at closing with approximately 10 years of remaining term.
This is Wayland’s third acquisition, after previously acquiring a 10,000-square-foot mixed-use asset in Hubbard Woods in Winnetka, Illinois, and a 17-unit apartment building in the Chicago neighborhood of Avondale.
