Wayland Real Estate Capital has announced the acquisition of The Hazelton, a 60-unit micro-apartment building located at 851 W. Montrose in Uptown, Chicago.
Originally a single-room occupancy (SRO) building, the property underwent a comprehensive gut renovation and modernization led by CityPads, a Chicago-based real estate developer.
The transformation created a contemporary, highly functional micro-apartment community tailored to meet the demand for efficient urban living in one of Chicago’s most vibrant neighborhoods. Each unit at The Hazelton includes large windows, in-unit laundry, and in-unit heating and air conditioning. Additionally, residents enjoy a spacious co-working and entertaining lounge, well-equipped gym, state-of-the-art security, and ample bicycle storage.
“This acquisition represents an exceptional opportunity to invest in a high-performing asset in the heart of Uptown,” said Matthew Berry, Principal at Wayland. “The building’s modern design and prime location, priced at attainable rent rates, align with our strategy of acquiring properties that meet the evolving needs of urban renters.”
As part of the transaction, Wayland assumed a long-term Freddie Mac loan at a favorable interest rate, enhancing the financial profile of the deal. The property is 100% leased and occupied, reflecting the strong market demand for micro-units in Chicago.
Uptown continues to attract residents drawn to its rich cultural heritage, thriving arts scene, and proximity to downtown Chicago. This acquisition underscores Wayland’s confidence in the neighborhood’s growth trajectory and commitment to investing in high-quality properties in dynamic urban submarkets.
Wayland Real Estate Capital was founded in 2024 by Matthew Berry, Marc Klutznick, and Jason Manaster, with the purpose of combining the principals’ institutional-caliber expertise and experience with the personal touch, accessibility, and attentiveness of a boutique family investment platform. Wayland focuses on sub-institutional, growth-oriented, value-enhancement investment opportunities in thriving urban micro-markets and affluent suburbs. Previous investments include the acquisition of a 10k square foot mixed-use building in the Hubbard Woods Design District in Winnetka, the acquisition of a 17-unit apartment building in the Avondale neighborhood of Chicago, and a co-GP partnership with CityPads on a 132-unit ground-up mixed-use development in Lincoln Park.
