Waterton-Angelo, Gordon Complete $15M Renovation of River North Park

CHICAGO—Locally-based real estate investment firm Waterton and Angelo, Gordon & Co., L.P. of New York City say they have completed a $15-million renovation of the River North Park apartment tower here.

Waterton is the operator, design and construction manager, and minority equity partner of the 24-story, 400-unit apartment building, which is majority-owned by alternative investment firm Angelo, Gordon.

The renovations at the property’s residences and amenities were designed to create a modern, resort-style community with contemporary fixtures, urban finishes, and sought-after amenities, the ownership states. The rental property consists of studios, convertibles, one- and two-bedroom apartments, and two-bedroom duplex townhomes. The reimagined, amenity-rich River North Park now features a rooftop amenity deck, a redesigned resident lounge and collaboration area, an updated lobby with 24-hour door attendant, upgraded interior hallways, and a modernized, fully appointed 24-hour fitness center.

“We applied our proven value add capital program in full force to reintroduce River North Park to the Chicago market,” says Lela Cirjakovic, executive vice president of operations at Waterton. “This was a top-to-bottom renovation catering to residents who seek a convenient location near restaurants, bars, shopping, and top-tier entertainment, and a highly desirable, commute-free, amenity packed lifestyle.”

River North Park, originally constructed in 1986, is within walking distance of the Chicago Transit Authority (CTA) Merchandise Mart Brown Line and Grand/State Red Line stations.

The lobby at River North Park has been redesigned with a wood reception desk, brass accents and fixtures, and a comfortable seating area with a fireplace. Contemporary furnishings and lighting fixtures, combined with locally-themed artwork to create an understated metropolitan vibe in the newly remodeled lobby, the ownership states.

“The River North Park transformation is remarkable, and we are pleased the property’s central location, high-end amenity offerings, and apartment upgrades are attracting a broad demographic of residents, from young families to empty nesters and urban professionals,” says Scott Glassberg, director, US real estate at Angelo Gordon.

The completely rebuilt rooftop amenity deck offers a park-like ambience, featuring a new outdoor dipping pool and sundeck surrounded by lush landscaping, cabanas, and four fire features. Five grilling stations, ample seating, and a dog park round out the rooftop offerings.

The property also features a clubhouse lounge with a full kitchen and collaboration area. The spaces are outfitted with vinyl plank flooring, modern furnishings, and ample seating for residents and guests. The building exterior boasts three-color, custom-stained brickwork, and Waterton completed a host of improvements and repairs to the building envelope and front-entry canopy. River North Park also features 24-hour on-site laundry, available enclosed garage parking, dry cleaning valet, package delivery service, and 30,000 square feet of street-level retail that includes PUPS Pet Club, a dog day care center.

Redesigned residences offer spacious layouts with large windows and walk-in closets. Kitchens in select apartments feature premium stainless-steel appliances, solid-surface countertops, a breakfast bar, raised panel maple cabinets, under-mount sinks, and on-trend matte-gray kitchen cabinetry. Bathrooms have been equipped with tile shower surrounds and quartz-topped vanities.

The interior designer for the renovation is Brass Tacks; the architect of record is Chipman Design Architecture; and Helios Construction Services served as the general contractor.