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CHICAGO — Chicago-based Ascendance Partners has acquired a three-story, 15,024-square-foot apartment building located at 4014-4016 South King Dr. in the Grand Boulevard neighborhood of Chicago’s South Side. The company plans to implement a $1 million capital improvements program to renovate the currently vacant building. Ascendance will convert the building’s 17 units into eight 1,800-square-foot units. The units will include amenities such as hardwood floors, stainless steel appliances, washers and dryers, granite countertops and audio system wiring. The acquisition price was undisclosed.