Retired Blackstone exec, JDL set to buy Old Town apartments: The pending purchase will mark the first time Cobbler Square Lofts, owned by late billionaire Sam Zell, has changed hands in decades.

A former Blackstone executive and a Chicago development firm are set to purchase the Cobbler Square Lofts in Old Town, previously owned by the late billionaire Sam Zell. The 292-unit apartment complex is under contract for close to $90 million, marking the first time it has changed hands in decades. The new owners plan to capitalize on strong rental demand in the North Side neighborhood and undertake a value-add renovation of the property. [Extracted from the article]